How to track the status of income tax refunds
There are two ways to track your income tax refund. The first is through the new income tax portal, and the second is through the NSDL website.
Here are some steps you can take to begin the process of preparation for mediation.
steps to take
1: You can open the portal on any internet browser. Log in to your account by entering the user ID (PAN) and password.
2: Login and click on the ‘e-file’ option.
3: Select the ‘Income tax returns’ followed by ‘View filed returns.’
4: Now go to the latest ITR that has been submitted.
Select the ‘View Details’ option, and it will show the status of the ITR you have filed.
Here are the steps for the TIN NSDL website
➢ Open and enter any internet browser.
➢ Enter your PAN details.
➢ Select the year for which you want to check the refund status.
➢ Enter the captcha code and click submit. Once you have submitted it, the quality of your refund will flicker.
If your income tax refund is not credited. You can also request by selecting ‘Refund Issue’ under ‘Services.’
When is a tax payable?
2020 was an eventful year for taxation, from extensions and exemptions to loans and stimulus checks. Wonder how all those changes can affect your tax deadlines.
However, for the 2021 tax year, a tax that you will file in 2022? If you’re wondering. “When is tax payable, anyway?
Also, if you already know that you need an extension. Apply sooner rather than later. In addition, If something goes wrong with the application.
You will have enough time to fix it and resubmit it before the May 17 tax deadline. This will ensure that you also have time to get your forms and documents together.
But for your extended deadline in October. The IRS website has all the forms, deadlines, and information you need.
Tax deadline extension
The IRS also gave residents and businesses in Texas, Oklahoma, and Louisiana extra time because a severe winter storm left millions without power and water in mid-February.
On March 17, 2022, the IRS officially extended the deadline for filing federal income taxes. However, from April 15 to May 17, this means that taxpayers who owe money do not have to file taxes.
Also, if you can make a return by this date if they owe money, they do not have to make payments until then.
This extension applies to all files, including individuals, businesses, trusts, estates, etc. This is true regardless of the amount you may owe.
Your payments will also not accrue additional fines or interest until May 17. This extension is automatic, so taxpayers do not have to submit any different forms to take advantage of it.
The May 17 extension could benefit taxpayers looking to save for retirement through an IRA.
But because the average income tax deadline on April 15 is also the IRA contribution deadline. The new May 17 deadline will also push back the 2019 IRA contribution deadline.
The 2020 standard IRA contribution limit is still $ 6,000, or $ 7,000 if you are 50 or older. Plus, if you’ve already exhausted your contribution for the 2021 tax year.
You can contribute to the 2022 tax year, for which the limit is also $ 6,000 XNUMX.
This extension does not apply to 401 retirement savings accounts.
What happens if you miss the deadline
Suppose you miss the deadline for filing taxes. The IRS recommends that you file your late return as soon as possible to avoid a failure-to-file penalty.
The IRS will also not charge a failure-to-file penalty when a refund is due. However, there is a statute of limitations of three years on repayments.
If you submit more than three years after your deadline, you will not receive your money.
Individuals who miss the payment deadline may be subject to a failure to pay a fine. But along with interest costs on the amount owed.
An exception, perhaps if you are experiencing hardship and submitting a particular extension.
Try to file your taxes as early as possible to avoid missing the deadline. You can also start collecting your documents as soon as you receive them.
However, make sure you make an appointment if you work with a tax professional, even if the IRS extends the deadline. It may be in your best interest to submit early, especially if you expect a refund.