The refund amount, along with interest, will be paid either directly in your bank account or through a paper cheque.
One is required to file income tax return (ITR) if one’s income during a financial year exceeds the basic exemption limit set by the government. You also have to file an ITR if you have to claim the extra tax deducted at source (TDS), if any, or in case of deposit of excess tax. While filing the ITR online, the system will automatically calculate the amount of refund, if any, payable to you, once you fill all the required data.
The Income Tax Department will start the refund process only after the ITR is verified either online through Aadhaar-based OTP, EVC or by sending the signed ITR Acknowledgement (ITR-V) to the income tax CPC office at Bengaluru.
The refund amount, along with interest, will be paid either directly in your bank account or through a paper cheque, if the claim of refund is accepted by the department.
The Tax Department sends an intimation under section 143(1) to the taxpayer showing a comparison between the refund claimed as per the calculation done by the taxpayer and the amount of refund granted as per the calculations done by the department.
If you have not received the intimation under section 143(1) and are waiting for the tax refund, you may check the status either on the Income Tax Department’s website or on TIN NSDL website after logging in to the sites by using your registered PAN………..Read More>>
Source:- techiyogiz
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