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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
You can check your income tax refund status online by logging into the income tax department's e-filing portal using your PAN and password, then navigating to the 'Refund/Demand Status' option under the 'My Account' section.
An Income Tax Return (also known as ITR) is a form that is used to fill in information about your income and the tax that you need to pay to the Income Tax Department. The liable tax which an individual need to pay is calculated based on his/her income. If the individual pays excess tax in a financial year, they can receive an Income Tax Refund.
You must 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 2023. There are two ways you can check your ITR status online.
An income tax return is a formal document that taxpayers file with the tax authorities, disclosing their income, deductions, and tax liabilities for a specific financial year. Filing an ITR aims to determine the taxable income, claim eligible deductions and exemptions, and calculate the tax liability owed to the government.
Waiting for your income tax refund can be an anxious time, but thankfully, checking its status has become much simpler with the advent of online platforms. Here are the steps on how to check your Income Tax Return (ITR) refund status online, both on the Income Tax e-filing website and the TIN NSDL website.
The acknowledgement number can be found on the PAN acknowledgement slip or PAN acknowledgement form by the applicant for a new PAN card or the person requesting a change to an existing PAN card.
Once a person submits an online request, an acknowledgement letter is also sent to the email address on the application form. Once the offline application is submitted, the agent will provide the applicant with a PAN card acknowledgement number to confirm receipt of the application.
These represent the various statuses of Income Tax Returns (ITRs) as per the guidelines outlined by the Income Tax Department’s official website.
This status indicates that you have filed your ITR but have not yet completed the e-Verification process. Alternatively, it may signify that your duly signed ITR-V has not yet been received at the Centralized Processing Center (CPC).
This status signifies that you have submitted your return and completed the e-Verification process. However, the return has not yet been processed.
This status indicates that your return has been successfully processed by the Income Tax Department.
In this status, the department has identified defects in the filed return, such as missing essential information or inconsistencies. You will receive a notice under section 139(9) requesting rectification of the defects within a specified time limit. Failure to respond to a defective return notice may render your ITR invalid and unprocessed.
This status indicates that the CPC has transferred your ITR to your jurisdictional Assessing Officer (AO). If your case is transferred, the AO will contact you to provide any necessary details or clarification.
After submitting your ITR, it is important to keep track of its processing status to ensure compliance with tax regulations. Here are the steps to guide you through.
To check the status of your ITR, you need to log in to the official Income Tax e-Filing portal. Enter your user ID (PAN) and password, along with the captcha code, to gain access to your account.
Once logged in, navigate to the “View Returns/Forms” section. Here, you will find the option to view your filed tax returns.
Select the appropriate assessment year to verify the status of your Income Tax Return (ITR). The assessment year corresponds to the year immediately succeeding the financial year for which you submitted your return. For example, if you filed your return for the financial year 2022-2023, the corresponding assessment year would be 2023-2024.
Under the selected assessment year, look for the option labeled ‘ITR-V/Acknowledgement Status.’ This option allows you to view the status of your ITR.
If you have been informed by the Income Tax Department or the Refund Banker (SBI) that the processing of your income tax refund was unsuccessful, you can initiate a ‘Refund Reissue Request’ by accessing the Income Tax e-filing portal. Taxpayers can request the re-issuance of their refund through the ‘Refund Reissue Request’ service.
Receiving an income tax return can feel like a financial windfall, providing an opportunity to boost your savings, pay off debt, or indulge in something special. However, spending your tax refund wisely is important to maximize its benefits and improve your financial well-being. Here are five tips on how to spend your income tax return responsibly:
If you have outstanding debts with high interest rates, such as credit card balances or personal loans, consider using your tax refund to pay them off. Reducing or eliminating high-interest debt will save money on interest payments in the long run and improve your overall financial health.
An emergency fund is a financial safety net, providing peace of mind and protection against unexpected expenses like medical bills or car repairs. If you do not have one, use your tax refund to start one or add to your existing fund to ensure you have enough savings to cover unforeseen circumstances.
Consider investing your tax refund in long-term assets like stocks, bonds, or retirement accounts. Investing can help grow your wealth over time and provide financial security in the future. If you’re unsure about investing, consult a financial advisor to explore your options and create an investment strategy that aligns with your goals and risk tolerance.
Use your tax refund to fund important financial goals such as buying a home, starting a business, or furthering your education. Prioritize goals that will significantly impact your life and bring you closer to achieving financial stability and independence.
While it’s tempting to splurge on luxuries or indulgences with your tax refund, do so mindfully. Allocate a portion of your refund for discretionary spending, but set limits and avoid overspending. Treat yourself to something special or enjoyable, but ensure it’s within your budget and won’t derail your financial goals.
To be a responsible citizen, you must pay your taxes on time. However, if you wish to save on your taxes, you can always opt for various tax-saving investments to 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.
1
Seven distinct sorts of forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7, are available from the Income Tax Department. Before the deadline, the taxpayer must complete the form by its application, determined by the taxpayer’s income and tax bracket.
2
The ITR status “ITR-V Received” refers to the Income Tax Department of India’s acknowledgment receipt of the Income Tax Return Verification (ITR-V) form.
When an individual files their income tax return online, they must verify it within a specified timeframe. The verification process can be completed electronically through Aadhaar OTP, net banking, or by sending a physical copy of the ITR-V form to the Centralized Processing Center (CPC) in Bengaluru.
3
When the ITR status shows “Successfully e-verified,” the taxpayer successfully completes the verification process using one of the authorized methods.
4
A return may be deemed faulty due to missing or conflicting information in the return or schedules, among other factors.
5
If you haven’t received your refund despite e-filing your Income Tax Return, you can check the status of your refund online through the Income Tax e-filing portal. If the status shows ‘processed,’ but you still haven’t received the refund, you can contact the Income Tax Department for further assistance.
6
You become eligible for an income tax refund when you have paid more tax than your actual tax liability for a particular financial year. This usually happens when you have excess TDS (Tax Deducted at Source) deducted from your income or have made excess advance tax payments.
7
An income tax return is a document that taxpayers file with the government, declaring their income, deductions, and tax liability for a specific financial year. On the other hand, an income tax refund is the excess tax amount returned to the taxpayer by the government if they have paid more tax than their actual liability.
8
You must file your income tax return to claim an income tax refund. Filing your tax return allows you to accurately declare your income, deductions, and tax liability. If you have paid more tax than your actual liability, you can claim a refund by filing your tax return.
9
The time required to receive a tax refund can vary depending on factors such as the mode of filing, processing time by the Income Tax Department, and accuracy of the information provided. Generally, e-filed returns are processed faster than paper returns, and refunds are usually issued within a few weeks to months after the return is processed.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
