Income Tax Returns: Today, July 31, is the final day for filing Income Tax Returns (ITR). If you have already filed your ITR, you may now be waiting for your tax refund. Refunds are deposited only in verified bank accounts through the Electronic Clearing Service (ECS), and the account holder’s name must match the name on the PAN card.
Waiting period for tax refunds
The Income Tax Department issues refunds to individuals who have paid more tax than their liability through various means like TDS (Tax Deducted at Source), advance tax, and TCS (Tax Collected at Source). The processing of refunds begins only after the taxpayer completes the e-verification of their return. It typically takes 15 to 45 days from the date of e-verification to process the refund.
Steps to check tax refund status using PAN card
- Visit the official Income Tax e-filing portal at https://eportal.incometax.gov.in.
- Log in using your PAN, password, and the given captcha code.
- Navigate to the "My Account" section and select "Refund/Demand Status."
- Here, you can view details about your refund status, including the assessment year, current status, any reasons for refund failure if applicable, and the mode of payment.
Six crore income tax returns filed for 2023-24
Around 6 crore income tax returns have been filed for the fiscal year 2023-24, with 70% of these filed under the new simplified tax regime offering lower tax rates, Revenue Secretary Sanjay Malhotra announced on Tuesday.
Post-budget address highlights
Addressing the post-budget session of the PHD Chamber of Commerce and Industry, Malhotra noted initial apprehensions about the shift to the new regime. He stated, "About 6 crore filed for last year and 70% is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden."
Comparison with previous year
In the 2022-23 fiscal, 8.61 crore ITRs were filed, highlighting the significant engagement of taxpayers with the new system.
Comprehensive tax review
Malhotra also discussed the comprehensive income tax review announced in the Budget, aimed at simplifying tax laws. "We will come up with a draft and then we will seek suggestions," he said.
Two tax regimes
Currently, India has two personal income tax regimes. The old regime has higher tax rates but offers several exemptions and deductions. The new regime features lower tax rates but fewer deductions.
Also read | Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date
Latest Business News
