The tax refund is a crucial discipline for everyone to comprehend and often, citizens end up paying taxes without inquiring the definition of it. This is why you need to know that income tax refund is the refund amount paid for the tax liability when the entire tax is less than what is paid in the tax year. And there are various ways which can guide you to get the refund money without facing any meagre problem.
You get the idea that tax refund denotes the additional amount of tax paid by you to the government. The outcome of the income tax refund amount deals with the refundable tax credit which decreases your tax bill below 0. The refund is generally pleasant and the refundable tax credit can be verified following easy steps.
Take Help of Net Banking
The income tax refund status can be verified if you log in to the net banking account and see the option of ‘income tax e-filing, you can click on it proceed further for being redirected to the official website of income tax refund. When your account is logged in, you can use the option ‘view forms/returns’ for checking the duly filled income tax refund from.
By clicking on the segment, namely, ‘Click here to view returns pending for e-verification’, you need to click on the section called ‘E-verify’. In this way, the taxpayer can take a look at the amount of your income tax refund.
Receive an Electronic Verification Code (EVC)
Before you go through the EVC method, you need to make sure that you are familiar with the process of pre-validating the bank account. One can find the option of pre-validating account from the setting menu of the e-filing account. Then you are required to duly fill the section where the mobile number, IFSC and account number are needed to be entered.
- Once the pre-validation is done, you have to enter the PAN and the official name matching with the record of the bank.
- The mobile number linked to the bank account has to be entered.
- When the pieces of important information are filled, you can the EVC.
- The code you have mentioned will be sent to your cell phone and then you can get to know about your income tax refund.
However, it is too bad that the process is available for 12 banks in India; thereafter, it is best to check your bank’s name in the list.
Utilizing Demat Account
After making use of income tax refund calculator, you can verify the status of income tax refund by using your demat account. There is a similarity between this method and the bank validation process but using demat account became popular during the assessment year. In order to verify the income tax refund taxable, you have to check whether the demat account is valid.
- You have to select the depository and provide your email id and contact number.
- After entering the details of the email if, mobile number and PAN, the information is to be validated and confirmed by the depository.
- Once the depository confirms and validates, you will receive a code.
Use Your Aadhaar OTP
For generating the one-time-password for Aadhaar, you need to link your PAN with your Aadhaar card. Additionally, your active mobile number must be linked to the Aadhaar as well. By providing the Aadhaar number in the designated field, you can link the Aadhaar to the e-filing website.
Then you will receive the one time password in the mobile number registered with the Aadhar card. Once you submit the OTP on the online portal and click on ‘submit’, you will be redirected to a success page.
The page will verify your income tax refund and in the meantime, you should keep in mind that the OTP only lasts for ten minutes just like electronic verification code.
Provide Your Bank Account Number
Another way of verifying income tax refund is to make use of your bank account number. You need to check whether your bank provides the facility of checking income tax refund status 2018. In addition to the context you should have the mobile number active which linked to the bank account.
When you see the verification page, you will notice the option of generating electronic verification number through a bank account. Following this procedure, you can get the amount of income tax refund India verified.
Through the physical method of sending ITR-V or acknowledgement receipt, you can get the income tax refund verified. This one is followed by the people who are unable to get access to e-verify income tax refund through OTP or ECV.
- ITR-V is the 1-page document needs to be signed by using a blue ink and sent it by the postal system. The document cannot be sent by a courier service.
- This document is protected by password and from e-filing, it only can be downloaded.
- The system is auto-generated when the file on income tax refund is uploaded by on the website.
- For making it easier for the taxpayers, the password contains your date of birth and PAN.
- No other document can be sent with the ITR-V and always remember to send the one-page document only.
- You will get an email notification that the ITR-V has been received and the refund has also been verified by the authority.
- The return of the refund process will initiate once the verification stage is completely over.
Apart from all these methods, you can use your bank ATM to get verified. Additionally, you can always go for the income tax refund inquiry if you have trouble understanding the tax refund process or check the income tax refund payment schedule. Additionally, you can take help of the professionals from the support service who will guide you every step to get verified for a refund.
Often, assesses are required to make use of the Digital Signature Certificate and their accounts are generally required to be under section 44AB. The verification method is not required once the taxpayer makes use of the digital sign.