After filing your Income Tax Return (ITR), you may be eligible for a tax refund if you have paid excess tax compared to your actual tax liability. Many taxpayers often wonder: “How do I check my income tax refund status?”

This guide provides a detailed step-by-step process to check your income tax refund status online, understand the refund process, and resolve delays or discrepancies.

Understanding the Income Tax Refund Process

A tax refund occurs when you:
✔️ Paid excess TDS (Tax Deducted at Source) than required
✔️ Paid advance tax that exceeds actual tax liability
✔️ Claimed deductions that reduced your taxable income significantly

Once your ITR is processed and verified, the Income Tax Department (ITD) confirms your refund and credits it to your bank account. The process involves:

1️⃣ E-Filing of ITR – You file your return online.
2️⃣ Verification of ITR – You verify it using Aadhaar OTP, net banking, or by sending a physical copy to CPC Bangalore.
3️⃣ Processing by ITD – The ITD checks your return for correctness.
4️⃣ Refund Approval & Payment – If excess tax is confirmed, the refund is processed through the State Bank of India (SBI), the official refund processing bank.

Ways to Check Your Income Tax Refund Status Online

You can check your refund status in two ways:
🔹 Via the Income Tax e-Filing Portal
🔹 Via the NSDL (TIN-NSDL) Refund Tracking Portal

1. Checking Refund Status on the Income Tax e-Filing Portal

The Income Tax e-Filing Portal allows you to track refund status directly from your account.

🔹 Step-by-Step Process:
1️⃣ Visit the Income Tax e-Filing Portal at https://www.incometax.gov.in
2️⃣ Click on “Login” and enter your PAN, password, and Captcha code
3️⃣ Once logged in, go to “e-File” → “Income Tax Returns” → “View Filed Returns”
4️⃣ Select the Assessment Year (AY) for which you are tracking the refund
5️⃣ Click on “View Details” – Here, you will see the refund status, date of issue, and bank details

🔹 Refund Status Messages You May See:
✅ Refund Issued – The refund has been credited to your bank account.
⏳ Refund Processed, Sent to Bank – Your refund has been processed and sent to SBI for crediting.
⚠️ Refund Rejected/Failed – There was an issue with your bank account (incorrect IFSC, inactive account, etc.).
🔄 Return Processed, Refund Determined – Refund has been approved but not yet credited.
🔍 No Refund Due – No excess tax was found.

2. Checking Refund Status on the NSDL (TIN-NSDL) Portal

The NSDL website (Tax Information Network) also allows you to track refund status.

🔹 Step-by-Step Process:
1️⃣ Visit the NSDL refund tracking portal at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
2️⃣ Enter your PAN, assessment year, and captcha code
3️⃣ Click on “Submit”
4️⃣ The system will display your refund status

What If Your Refund Is Delayed?

If you haven’t received your tax refund within the expected time, you can:

✅ Check for Errors in Your ITR: Ensure your return was filed correctly and verified.
✅ Verify Your Bank Details: Refund failures often occur due to incorrect account number, IFSC code, or inactive bank accounts.
✅ Raise a Refund Reissue Request: If your refund was rejected, you need to submit a “Refund Reissue Request” on the e-Filing portal.
✅ Check If Your ITR Is Still Being Processed: Sometimes, refunds take longer due to verification or scrutiny by ITD.

How to Raise a Refund Reissue Request?

If your refund failed, you can request a reissue of refund with correct bank details.

🔹 Step-by-Step Process to Request Refund Reissue:
1️⃣ Login to the Income Tax e-Filing Portal
2️⃣ Go to “Services” → “Refund Reissue”
3️⃣ Click on “Create Refund Reissue Request”
4️⃣ Select the assessment year and click “Submit”
5️⃣ Update your bank details (if incorrect earlier)
6️⃣ Click “Validate” and submit the request

After submission, the ITD will process your request and credit the refund to your corrected bank account.

Common Reasons for Refund Delay or Rejection

⚠️ ITR Not Verified – Refund processing begins only after ITR verification.
⚠️ Incorrect Bank Details – Ensure your account number, IFSC, and name are accurate.
⚠️ ITD Scrutiny or Further Assessment – If the ITD is reviewing your return, it may take longer.
⚠️ Mismatch in TDS/TCS Credits – Ensure Form 26AS (TDS statement) matches your ITR.
⚠️ High-Value Transactions Under Scrutiny – Large refunds may trigger additional verification.

Frequently Asked Questions (FAQs)

Q1. How long does it take to receive an income tax refund?
✔️ Usually, it takes 20-45 days after ITR processing, but delays can occur if further scrutiny is required.

Q2. Can I get my refund credited to a different bank account?
✔️ Yes, but you need to update bank details in the e-Filing portal and request refund reissue.

Q3. What should I do if my refund is not credited even after approval?
✔️ Check your bank details and raise a refund reissue request if needed.

Q4. Can I claim a refund for past financial years?
✔️ Yes, but only if you file a revised return within the due date or apply for condonation of delay.

Q5. What happens if I do not claim my refund?
✔️ Refunds remain valid for 90 days after processing. If unclaimed, they must be reissued through a refund reissue request.

Why Choose ASK ASSOCIATES for Easy Tax Refund Processing?

✅ Quick Refund Processing: We ensure your ITR is accurately filed to avoid delays.
✅ Error-Free Filing: Our experts verify TDS, deductions, and tax credits for faster refund approval.
✅ End-to-End Support: From ITR filing to refund tracking & reissue requests, we handle it all.
✅ Expert Consultation: If your refund is delayed or under scrutiny, we assist with the necessary compliance steps.

📢 Get Your Tax Refund Hassle-Free! Contact ASK ASSOCIATES today for expert ITR filing and fast-tracked refunds.

Introduction

Running a partnership firm in India comes with legal responsibilities, including income tax and GST compliance. Failure to meet these obligations can result in penalties, interest charges, and legal consequences. This guide provides a detailed overview of all the tax and GST requirements for partnership firms, including:

✅ Income Tax Obligations
✅ GST Registration & Filing Requirements
✅ Important Tax Deadlines
✅ Common Mistakes to Avoid
✅ How ASK ASSOCIATES Can Help

1. Income Tax Compliance for Partnership Firms

A. Taxation of Partnership Firms

📌 A partnership firm is considered a separate legal entity for tax purposes.
📌 The firm pays tax on its profits, while partners are taxed on their share of profit & remuneration.

B. Income Tax Rates for Partnership Firms (FY 2024-25)

✅ Flat Tax Rate: 30% on total income
✅ Surcharge (if income > ₹1 crore): 12%
✅ Health & Education Cess: 4% on tax & surcharge
✅ Effective Tax Rate: ~34.944% for firms with income over ₹1 crore

C. Tax Deductions Available to Partnership Firms

💰 Remuneration to Partners – Allowed as per Section 40(b) of the Income Tax Act
💰 Interest Paid to Partners – Deductible up to 12% per annum
💰 Business Expenses – Rent, salaries, depreciation, advertising, and operational costs

2. Tax Filing Requirements for Partnership Firms

A. Income Tax Return (ITR) Filing

📌 Form to be Filed: ITR-5
📌 Due Date:
✅ 31st July (if not subject to audit)
✅ 30th September (if turnover exceeds ₹1 crore and audit is required)

B. Tax Audit Requirement

📌 A partnership firm must get audited under Section 44AB of the Income Tax Act if:
✔ Turnover exceeds ₹1 crore (₹10 crores if digital transactions exceed 95%)
✔ Net profit is less than 6% (for digital transactions) or 8% (for cash transactions)

C. Advance Tax Payments

Partnership firms must pay advance tax if their estimated tax liability exceeds ₹10,000 in a financial year.

🗓 Advance Tax Payment Schedule:
✅ 15% – By 15th June
✅ 45% – By 15th September
✅ 75% – By 15th December
✅ 100% – By 15th March

3. GST Compliance for Partnership Firms

A. GST Registration

📌 Partnership firms must register under GST if:
✔ Annual turnover exceeds ₹40 lakhs (₹20 lakhs for service providers)
✔ They supply goods or services across states (interstate supply)
✔ They sell on e-commerce platforms like Amazon or Flipkart
✔ They are subject to Reverse Charge Mechanism (RCM)

📌 Exemptions from GST Registration
🚫 Businesses with turnover below the threshold limit
🚫 Small service providers not engaged in e-commerce

B. GST Returns Filing

Once registered, a partnership firm must file regular GST returns based on its registration type.

C. GST Composition Scheme (For Small Firms)

✔ Turnover Limit: Up to ₹1.5 crores
✔ Tax Rate: 1% for traders, 5% for restaurants, 6% for service providers
✔ Benefit: Lower tax liability, fewer compliance requirements
✔ Drawback: No input tax credit (ITC) available

4. Common Tax & GST Mistakes to Avoid

❌ Not maintaining proper books of accounts – Leads to audit issues and penalties
❌ Late or incorrect GST return filing – Can result in fines and ITC rejection
❌ Ignoring advance tax payments – Leads to interest under Section 234B & 234C
❌ Not reconciling GST returns with income tax filings – Can trigger tax notices
❌ Claiming excess deductions beyond limits – Risk of tax scrutiny

5. Why Choose ASK ASSOCIATES for Tax & GST Compliance?

Handling income tax and GST filings can be complex, time-consuming, and risky if done incorrectly. ASK ASSOCIATES ensures:

✅ Accurate Tax Filing & Compliance Management
✅ Timely GST Registration & Returns Filing
✅ Audit Support & Representation Before Authorities
✅ Legal Guidance on Tax Planning & Deductions

📞 Need expert tax & GST filing assistance? Contact ASK ASSOCIATES today!