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Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax liability, the status of refund can be checked either. To know more, Visit Now
Income Tax Return (also known as ITR) is a form which is used to fill information about your income and the tax which you need to pay to the Income Tax Department. The liable tax which an individual needs to pay is calculated based on his/her income. In case the individual pays excess tax in a financial year, he is eligible to receive an Income Tax Refund.
It is important that you file your ITR before the deadline date to avoid any kind of penalty. You can do the e-filing of ITR online on or before 31st December 2020 for FY 2019-2020. There are two ways using which you can check ITR status online.
Checking ITR Status Online
Using Acknowledgement Credentials
Visit the homepage of the e-filing website of the Income Tax Department.
1. Under the section of “Quick Links”, you will find an option called “ITR Status” which enables you to do an ITR Status check.
2. You will be taken to a new web page where you will be asked to fill out information such as your PAN card number, acknowledgement number and captcha code which needs to be solved correctly.
3. After you fill all the details, the status will be displayed on your screen. It can either be “Return Submitted and Verified” or “Return Processed and Refund Paid.”
Using Login Credentials
Again visit the homepage of the e-filing website of the Income Tax Department, but this time you need to log in with your credentials.
1. Once logged in successfully, you will see an option called “View Returns/Forms”. Click on this option.
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2. It will take you to a page where you will have to select the “Income Tax Return” option from a list of items in a dropdown menu and hit enter.
3. It will take you to a page which shows details of all the tax returns which you have paid for all the different financial years.
4. Next to the current year, if the ITR is processed, it will show “ITR Processed”. If not, it will show as “Successfully e-verified”.
Once you have filled your ITR form online and get it verified, the Income Tax (IT) Department will start processing your tax return. Once the ITR processing is complete, a refund (if any due) will be issued to you. During the processing of your ITR, the Income Tax Department will check if there are any differences between the income tax declared and the tax that is paid by you. If there is any difference, the IT Department will send a notice to you which will contain the details of the additional payable tax.
Kotak’s Guide to Tax-Saving
Kotak provides you with a tax-saving guide which can help you in taking better decisions while filling your ITR form online. A wide array of articles on topics such as Tax Saving Investment and Options, How to File your ITR with the right deductions and various Insurance Policies best suitable for you to reduce your Tax Liability have been added by a team of financial experts which can help you provide a seamless tax filing experience for you.
Conclusion
To be a responsible citizen, it is important that you pay your taxes on time. However, if you wish to save on your taxes, you can always opt for various tax-saving investments that will help you save on taxes while growing your wealth. Ensure that you assess your financial goals, risk-appetite and nature of the investment before investing.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
