ITR Filling 2024: The deadline for filing the Income Tax Return (ITR) is approaching fast. If you do not file the return by 31st July, you will lose out on many benefits. In addition, you will have to pay a penalty and interest on taxes for filing the return. Filing the return by 31st July is extremely crucial, especially for those individuals anticipating a refund from the Income Tax Department. Occasionally, if too much tax is paid, the Income Tax refunds the extra tax amount. This is referred to as a refund. Tax experts say that the refund will only be available if the taxpayer files the return by July 31.

July 31 is the last date

If you have filed the return (ITR) within the specified time, then the refund money will soon be deposited into your bank account. Nowadays the Income Tax Department processes the refunds extremely promptly. The refund status can be checked on the Income Tax Department's official website. To do so, you must first log in to the website using your PAN and password.

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How to check refund status

After logging in to the e-filing portal, you must go to the 'e-file tab'. After clicking on it, you will see 'View Field Return'. Here you will get the information about the return you filed. For history and current status, you must click on 'View Detail'. If you have been refunded by the Income Tax Department, you will get its information. You will see the mode of payment, refund amount, and date of clearance.

Refund and tax adjustment

If you see 'Processed and partially refund adjusted', it means that some portion of your refund can be adjusted with the outstanding tax. In such cases, the refund amount and clearance date are provided. This implies that part of your total refund amount may be adjusted with your tax liability.

Refund may be denied in certain circumstances

In certain situations, the refund claim can be rejected. As a result, the refund amount will not be credited to your bank account. In such a scenario, you will get the date and reason for the rejection. According to Income Tax rules, if your bank account is not pre-validated, your refund will not be processed.

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