income tax refund after you file the income tax return (ITR) for that year. However, the income tax refund will only be issued after the tax department processes your ITR and sends you an intimation notice confirming it. This intimation notice is issued under section 143 (1) of the Income-tax Act, 1961. This year, the returns need to be filed for FY 2023-24 (AY 2024-25) with the current deadline being July 31, 2024.
The refund for income tax is processed by the State Bank of India (SBI) and is directly deposited into the bank account that the taxpayer has designated in their ITR at the time of filing. Therefore, it is crucial to double-check that the correct bank account number and IFS code have been provided. Additionally, it is important to have the bank account pre-validated on the government's new income tax e-filing portal and to link the PAN with the bank account.
Also Read: How to pre-validate bank account to receive income tax refund
You can track the income tax refund on:
a) The new income tax portal or
b) The NSDL website
The income tax refund status can be tracked on the tax department's e-filing portal by following the steps below:
1. Visit www.incometax.gov.in and log in to your account by entering PAN/Aadhaar number as user ID, and your password.
2. After logging in click on 'e-file' option. Under the 'e-file' option, select 'Income tax returns' and then select 'View Filed returns'.
3. Check the