Do not miss this step, avoid rejection of your tax refund

Finance

When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR).

The refund is credited into the assessee’s bank account provided at the time of filing ITR.

Take note that the income tax (IT) department processes the refund only in a bank account that is linked to PAN. The bank account where you want the refund and your PAN must be pre-validated in the new income tax e-filing portal. If not done, your refund, if any, will not get through.

How to pre-validate bank account

You can pre-validate your bank account under ‘My Profile’ tab in your account on the IT portal.

When keying in details, ensure that the PAN and mobile number that you give in the IT portal are same as those with your bank. If that is not the case, it is recommended that you update the details with your bank first. Discrepancy in details can delay your refund.

Status of validation is displayed in your account over the next few days after putting the request. If the validation request is rejected, it is displayed under ‘My Profile’ tab and you can make the request again.

 

Source: livemint

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *