Business
Income Tax refund FY 2023-24: How to track your tax refund status online? Know different types of refund statuses & reasons for failure
This comes under Section 143(1) of the Income-Tax Act, 1961, according to an ET report. For FY 2023-24, the income tax return should have been filed by the deadline of July 31, 2024.
After processing the income tax refunds, the State Bank of India directly deposits the refund in the account provided by the taxpayer at the time of filing the ITR. Which is why it is important to verify the bank account number and IFS code provided by the taxpayer. Along with this, it is also crucial to confirm the bank account on the new income tax e-filing portal and link the PAN with the bank account.
How long does it take to get an Income Tax Refund?
The Income Tax Department typically needs four to five weeks to complete the refund processing. Make sure you validate the tax return online for the refund to be processed. In case you don’t receive your tax refund in that time frame, keep an eye for any correspondence you may have received from the income tax department to see if you are eligible for a refund. To monitor your tax refund status, visit the e-filing page.
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How to track ITR tax-refund status ?
Taxpayers can track their refund status on:
- The new income tax portal
- The
NSDL website
How to check the status of your ITR refund on the e-filing portal?
You can easily track your refund status on the e-filing portal by following these steps:
Step 1: Go to www.incometax.gov.in and sign in with your password and PAN/Aadhaar number as user IDs.
Step 2: Select the ‘e-file’ option after logging in. Choose “Income tax returns” under the “e-file” option, and then click “View Filed returns.”
Step 3: The most recent ITR for FY 2023–2024 will be for AY 2024–2025. Choose the ‘View Details’ menu item.
Once chosen, the filed refund status will be displayed. The date of tax refund issuance, the amount reimbursed, and the date of clearance for any outstanding refunds for this AY will also be displayed.
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Understanding Tax refund status message
Status 1: When refund is issued
After processing your income tax return, your account is credited with a refund.
Status 2: When refund is partially adjusted
The department may deduct the amount of the current year’s refund from any unpaid demands from prior years. They will notify you of the adjustment by a notification sent to you under section 245 prior to doing so, though.
To indicate whether you concur with the department’s decision, you must reply to the notice. In the event that a fast response is not received, the department will process the return by balancing the demand.
Status 3: After a complete refund is adjusted
In case there is any outstanding amount from previous years, the department will deduct that amount from your current year’s refund. However, before making this adjustment, they will issue a notice under section 245, informing you about the offset of your refund against the outstanding amount from previous years.
Status 4: When refund is failed
The I-T department has approved the refund; however, payment was withheld since the bank details were not prevalidated.
Reasons for tax refund failure
Numerous factors might lead to a credit or refund failure.
- If your PAN is inactive, your refund will be unsuccessful, and you will receive a warning message prompting you to link your PAN with your Aadhaar.
- Inaccurate Bank Information (Mismatching names, account numbers, MICR codes, IFSC codes, etc.)
- KYC for account holders is waiting.
- The account information provided does not pertain to a current or savings bank account.
- The account description is not accurate, whether the account you listed in your ITR has been closed.
- In case the bank account is not pre-validated, mandatorily pre-validate your bank account.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Business
Stock market today: BSE Sensex hits fresh lifetime high, goes above 83,600; Nifty50 above 25,550
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, says, “A 25bps rate cut is already discounted and can lead to profit booking in the market.However, a 50bps rate cut by the Fed could bring some cheer to market sentiments. Also, Fed commentary will be important as it will give clarity on the quantum and duration of the rate cut cycle. We expect the market to remain volatile in the near term with rate-sensitive sectors in focus.”
Nagaraj Shetti of HDFC Securities noted that the short-term trend of Nifty remains positive with range-bound action, and any dips to the support levels of 25,200-25,100 could present a buying opportunity. A decisive move above 25,500 levels might propel Nifty towards higher targets.
In the global markets, U.S. stocks closed with modest losses on Wednesday after the Federal Reserve cut interest rates by 50 basis points, exceeding expectations. The S&P 500 futures rose 0.5%, while Japan’s Topix gained 2%, and Australia’s S&P/ASX 200 rose 0.2%. Euro Stoxx 50 futures also climbed 0.7%.
In the forex market, the euro, Japanese yen, and offshore yuan experienced slight declines against the US dollar. Oil prices fell in Asian trading on Thursday following the larger-than-expected Federal Reserve interest rate cut, which raised concerns about the U.S. economy.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, PNB, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules. Foreign portfolio investors turned net buyers with Rs 1154 crore, while domestic institutional investors bought shares worth Rs 152 crore. The net long position of FIIs increased from Rs 2.2 lakh crore on Tuesday to Rs 2.37 lakh crore on Wednesday.
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