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Still Waiting For Income Tax Refund: You Might Have Gone Wrong Here

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The taxpayer can claim income tax refund when he or she has paid more taxes to the government in comparison to their actual tax liability. And such a case arises when the TDS in lieu of some savings, salary etc. for the taxpayer or other taxes such as advance or self-assessment tax are higher than actual tax liability of the person concerned.

Still Waiting For Income Tax Refund: You Might Have Gone Wrong Here
 

In a general case, after the individual or tax assessee files income tax return for the financial year and post the verification of the same by the department, the income tax refund is send over to the person. Nonetheless, this year despite the ITR being processed by the department, tax payers are still waiting for the refund. The reason for the same can be that from this year in March rules relating to income tax refund have changed.

Henceforth, the tax dept. has done away with the procedure wherein it used to issue a cheque for the income tax refund. And all settlement for income tax refund will be made electronically i.e. income tax refund will be credited to the bank account specified in the person's ITR.

But herein there is a catch:

You need to comply with the department's rulings as else the income tax refund will remain unpaid to you:

1. Electronic or e-mode credit of income tax refund will be done only if the provided bank account details whether savings, current, cash or overdraft account are linked to the assessee's Permanent Account Number (PAN).

Linking of PAN and bank account details is simple, you can take your bank's help in it and provide your PAN details and ask them to link it with your bank account in which you wish your refund to be credited.

You will receive income tax refund only if PAN linked to your bank account

 

2. The second thing for you to ensure is that your bank account is pre-validated on the department's e-filing portal. For the same, you can go to your individual e-filing account by logging -in using your PAN and password and thereafter go to 'Profile Settings' tab. Under it there will be an option to prevalidate the bank account.

If the bank account is linked to your e-filing account, pre-validation will happen directly via internet banking and EVC. And here you need to give your bank account number, IFSC code, mobile number and e-mail ID provided for that account.

If the bank account is not integrated then details provided by you will be used by the department for the validation of your bank account.

How to pre-validate your bank account to receive Income tax refund?

GoodReturns.in

Story first published: Saturday, September 21, 2019, 16:19 [IST]
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