Finance

Published: August 7, 2023
Updated: August 7, 2023

Faster Income Tax Refunds Await: Check Status Online and Beware of Phishing Scams

Are you eagerly awaiting your income tax refund? While the refund process typically takes 20-45 days after filing and verifying your Income Tax Return (ITR), this year brings good news as the tax department has expedited the processing using advanced technology. In this article, we'll guide you on checking your ITR refund status online and warn you about a phishing scam targeting income tax refund messages.

Phishing Scam Alert:

Amidst the wait for tax refunds, be cautious of a phishing scam circulating on social media in the name of an 'income tax refund' message. The government's fact-checker, PIB FactCheck, has cautioned against fake messages related to tax refunds. Ensure you stay vigilant and avoid falling victim to such scams.

Refund Processing Timeline:

After your ITR is processed and e-verified, you can expect to receive your refund. The income tax department verifies the taxes paid against the available information and issues the refund accordingly. According to experts, if you have e-verified your returns, the processing time has been significantly reduced this year, with refunds usually credited within 10 days to 2 weeks after processing.

Accelerated Processing:

The tax department's use of advanced technology has resulted in a remarkable reduction in the average processing time, now taking only 16 days for most cases. However, the timing of your filing and the accuracy of your data still play crucial roles in expediting the ITR processing and receiving your refund promptly.

How to Check Your Refund Status Online:

Follow these simple steps to check the status of your income tax refund online:

● Go to the official income tax India website.
● Log in using your USER ID (PAN number), password, and captcha code.
● Navigate to 'View Returns / Forms.'
● Select 'Income Tax Returns' from the drop-down menu.
● Fill in the relevant assessment year and submit.
● Click on the relevant ITR acknowledgment number to check your refund status.

Taxability of Income Tax Refund:

Regarding the taxability of the refund amount, any excess tax paid is not taxable. The taxpayer is entitled to receive interest on the excess of advance tax and TDS/TCS over the net tax liability, as per the provisions of the income tax act.

With expedited refund processing and the convenience of checking your refund status online, the income tax refund experience has become smoother and faster. Nevertheless, remain cautious of phishing scams and stay informed about any official announcements. By following the necessary steps and adhering to the guidelines, you can ensure a hassle-free and timely receipt of your income tax refund.