New Delhi, January 15: The duration to file the Income Tax return for individual tax payers for the financial year 2019-20 ended on January 10, for some entities the deadline is due in February. Once the tax is paid, the process of calculating its refund, if any, for the assessment year kicks in. The Income Tax department has so far released refund for 1.57 Crore taxpayers. Income Tax Returns 2019-20: Over 4.54 Crore ITRs Filed Till December 29 For Assessment Year 2020-21.

A tax refund arises when tax amount paid by the individual is higher than the actual tax liability. Tax refunds are discharged with 20-45 days from the day when the ITR processing is completed by the Centralised Processing Centre. The status of refund can be checked either on the website of National Securities Depository Ltd, or the Income Tax e-filling portal. How to File ITR For FY 2019-20: Step-by-Step Guide For Income Tax Returns Filing Online Before December 31, 2020.

Follow this Step-By-Step Guide to Check the Status of Your Income Tax Refund:

On NSDL Website  

  • Visit the website: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html

  • Enter details of your PAN card.

  • Select the relevant assessment year for which you want to check the refund status.

  • Enter the captcha code and click on submit.

  • Depending on the status of your refund, a message will be displayed on your screen.

On E-Filing Portal

  • Visit to www.incometaxindiaefiling.gov.in

  • Login to your account by entering PAN card details, password and captcha code.

  • Click on View Returns/Forms.

  • Select 'Income Tax Returns' from the drop down menu and click on submit.

  • Click on your acknowledgement number, which is a hyperlink to the relevant assessment year on the system. For FY 2019-20, the assessment year is AY 2020-21.

  • A new web page will appear on your screen showing complete details of your ITR filing - from the date of ITR filed to ITR processed and date of issuing refund.

  • Along with that it will also show details like assessment year, status, reason for failure, if any, and mode of payment.

For the assessment Year 2019-20 a refund of Rs 57,139 has been made so far. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between 1 April 2020 to 11 January 2021. Income tax refunds of Rs 57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of Rs 1,15,999 crore have been issued in 2,10,150 cases," said the IT department in a tweet.

(The above story first appeared on LatestLY on Jan 15, 2021 04:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).