An income tax refund refers to the reimbursement of surplus tax payments made by a taxpayer during a specific financial year. This refund is initiated by the tax authorities when the taxpayer’s actual tax liability is lower than the amount of taxes paid. The process for claiming this refund usually commences after the individual has successfully filed their income tax return (ITR), and subsequent processing by the tax department.
Here’s a step-by-step guide to help you navigate through the process:
Step 1: Visit the Official Income Tax Portal
Begin by visiting the official website of your country’s Income Tax Department. In the case of India, for instance, you can access the official Income Tax e-filing portal.
Step 2: Scroll down and click on the know your refund status option.
Step 3: Navigate to the ‘My Account Section
After clicking on this option, please enter the necessary details into the given column and click on the continue button.
Step 4: Choose ‘Know Your Refund Status
After filling in all the necessary details you have to receive an OTP in your registered mobile number so please enter this OTP into the given column and click on the continue button
Step 5: After entering the OTP you can see the Refund status in your IncomeTax Dashboard.
By following these steps, you can conveniently monitor the progress of your Income Tax Refund online and stay well-informed throughout the refund process.