With the start of the digitization process, income tax returns are made simpler and a person can now check their status just by a few steps through their computer. Looking for a status in the tax department offices have forever been hectic and the new automation process has just made it simpler and way faster. There are various things associated with tax refund policies that are to be kept in mind.
Things to keep in mind: People should keep in mind that the people with a considerable amount of income are liable to have a tax refund. The filing of the refund is the 31st of July for every year.
The amount of refund depends on the policies of the tax department. The person should consider their income and check for further details about tax liability. The tax liability can prove if the person has paid more tax than required for them. This lets the person get the extra amount refunded. The only thing that the person got to do is apply for the proper tax return for that particular financial year.
The tax is credited to the bank account of the individual directly or through cheque and the time for processing the monetary refund takes 2-6 months of time. Thus one needs to be patient and wait for the return keeping a close watch on the return status.
Checking the refund status of an individual: The refund status can be checked if a person goes to the official website of income tax department. There the person needs to present their PAN number and the year of assessment needs to be given on the website so that the person can get the status of the applied tax return.
The refund status may fail due to different conditions. These conditions come with the process of paying that person or with the non-liable approach in filing the income tax return.
The return can fail because of the money refund getting back without reaching the address, due to change of address or finding no one to receive it. The return can also fail in the same way when a direct payment was offered to be made through credit, but the account details given were from the current account or fixed deposit, or from other accounts other than a savings account. The cheques are payments are withheld and have to be collected from respective tax offices.
There are also problems with the issues of return filing and that the tax return to be made is lower than according to normal return policy. Thus if a person is concerned about their tax refund claim, they can check it here easily.
Final Verdict: It is very easy to have the status of income tax return policy to make sure that the returns are going to be made sooner. It is best to get the status of all the money to be refunded through here so that a person can claim for issues in the refund being made. That is why the return of advance paid tax must be filed way before the due date to avoid the rush by checking for any problems in an amount to refund.