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Want your Income Tax refund quickly? Follow these steps

Due to COVID-19 pandemic, many of us are trying to secure enough liquidity. Amid all this, there is good news for taxpayers.

Sarabjeet Kaur Sarabjeet Kaur
New Delhi Updated on: April 23, 2020 18:27 IST
Know how to get your Income Tax refund quickly
Image Source : FILE

Know how to get your Income Tax refund quickly

Due to COVID-19 pandemic, many of us are trying to secure enough liquidity. Amid all this, there is good news for taxpayers. The Income Tax Department has taken a step to help all taxpayers. The department issued a notice which effectively, paves way for an immediate tax refund up to Rs 5 lakh. Almost 14 lakh taxpayers in India will be benefitted by this. The I-T department has sent e-mails to 1.72 lakh assessees, including start-ups, companies and individuals, who have outstanding tax demands. The department has asked them to provide an update on the payment. The department has made it clear that e-mails have been sent to 1.72 lakh assesses only to ascertain the tax refund that it has to make to them.

The department, in its statement, said that it has issued 'almost 14 lakh refunds & are in the process of issuing more refunds, but need tax payers help in clearing what’s pending from their side. A reminder email has been sent to all taxpayers, stating to respond it at the earliest so that they can receive the refund easily’.

There are many who have got tax refunds and others who have not. And they are confused as to how get the refund.

Don’t worry; we will guide you as how to get the tax refund quickly. 

Just follow these steps and get your tax refund:

  1. Login to the Incometaxindiaefiling.gov.in website with your e-log in ID and password (by using PAN card as your user ID)
  2. Click on 'My Account’ tab and then go the menu ‘e-file’
  3. Click ‘Response to outstanding tax demand’. The details will be displayed on your computer screen.
  4. You will see what's pending and status of your demand. Click on the ‘submit’ option as per the options displayed on your screen.
  5. Click on any of the options according to your status. These options are : (i) Demand is correct (ii) Demand is partially incorrect (iii) Disagree with demand and last option (iv) Demand is not correct but agree for adjustment.
  6. Click on the options according to your need and demand by filling all the details. The refund will creditED in your account.
  7. If not, then check your emails and respond to all emails sent to you by IT department immediately, in order to get the tax refund quickly.

What to do when your refund is rejected or not processed?

  1. Contact the Income Tax assessing office as soon as possible.
  2. Submit correct documents and proofs as per Income Tax requirement
  3. One can also contact via phone or internet and can collect acknowledgement from the IT dept.
  4. If your outstanding tax is due then you might get notice from the IT dept in order to let you clear your dues and rectify all faults and provide proofs of investments.
  5. Check your salary tax slabs and then apply for tax refund. This could be a reason that you are not receiving the refund and claim
  6. Check all your bank details and credentials twice. Wrong bank account details may lead you in a problem. Inform the IT department about any changes associated to your bank details.
  7. You must ensure that within 120 days of e-filing your tax you have sent the ITR-V form to the Bangaluru- CPC office. Check this.
  8. You can also revise your return and process for the new e-filing form to get a correct refund.
  9. If you've done everything correctly but still haven’t got the refund, it may be that delay from the bank has resulted in you not getting the refund. Do check with your bank
  10. Try to e-file your tax return in order to receive the return easily. Avoid paperwork and physical tax filing system as much as possible.

If you are still confused about the process of tax refund, then do take help from any chartered accountant or tax expert to get the tax refund quickly.

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