Some Important Facts about Refund Status

There are a few important facts you must know about checking tax refund status online:

• State bank of India (SBI) has been appointed by the Income tax Department as the refund manager agency for dealing with all such transactions. This means it is the SBI which forwards all the refund cheques or makes the online transfers.
• RTGS/ NECS/ ECS transfers will be made only when you have given correct details about your 10 digit account number and the IFSC code of your bank. Otherwise a standard cheques or demand drafts will be sent at the address which you had provided earlier.
• Your online status is updated only after a period of 10 days from the date when assessing officer made the refund either online or dispatched your cheque.
• Your refund status will be available only when you have filed your tax return correctly and on right time and it has also been received by the department. All this is possible only after you have received an acknowledgement from the department of having received the ITR.

The usage of the online facilities of the Income tax Department is a sign of great relief for both filing your return and checking your status of refunds especially because the processing time required by the online system is quite less than the traditional paper form filing.