IT REFUND FAILURE – REASONS AND HOW TO RECTIFY IT
From March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.
In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive tax refund.
The income tax refunds will be credited only to bank accounts (savings/current/cash/OD) which are linked to PAN w.e.f. March 1, 2019. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund.
If your bank is integrated with the e-filing portal, pre-validation can be done directly through EVC (Electronic Verification Code) and net-banking route.
On the other hand, if your bank account is not integrated with the e-filing portal, then the income tax department will validate the bank account itself from the details filled up by you, states an advertisement by the department in The Times of India dated February 26, 2019.
The department has asked the taxpayers to link their PAN with bank accounts in order to get the income tax refund directly, swiftly and securely in their bank account.
For any queries/clarification you may contact
CA. Bharat Poplani
B.Com, FCA, FAFD, L.L.B.