Income Tax Refund: If you are waiting for the income tax refund, you need to take note of a few things before the refund amount reaches your bank account.
Income Tax Refund 2019: By now, you would have filed your income tax return (ITR) as the last date was August 31 for the assessment year 2019-20. If you are waiting for the income tax refund, you need to take note of a few things before the refund amount reaches your bank account. Firstly, ensure that you have completed the ITR verification process, after which only the income tax department will initiate the processing of the ITR and issuing refund of tax, if any. Secondly, make sure you have pre-validated your bank account to which you seek the refund, else the refund will not get issued by the department. Failing to do, will keep the income tax refund pending.
If you wish to check the bank details provided to the I-T department, it can be seen under ‘Profile settings’ by clicking on the ‘Prevalidate Your Bank Account’. The bank details can be verified and the status of it will also be shown. If it’s still not validated, make sure to do so. “The taxpayer has to submit the account number, account type and IFSC code of the branch of the bank. However, taxpayers must ensure that their e-mail Id and mobile number match with those in their banking records,” says Archit Gupta, Founder & CEO ClearTax.
How to change bank details
If you wish to change the bank details, you need to log-in to the e-filing portal to do so. However, make sure to change bank details for refund purpose before your ITR has been processed by the I-T department. Keep your ITR acknowledgement number handy before you proceed. It can be found on the home page under ‘Filed ITR’ button. “A taxpayer can log in to the e-filing portal and place a ‘Service Request’ for changing bank account details. In the login, under the tab ‘My Account’, a taxpayer first chooses ‘Service Request’. Then the taxpayer should choose ‘New Request’. Further, under the ‘Request Category’, choose ‘Change ITR Form particulars’. The taxpayer has to enter the acknowledgement number of the ITR filed and subsequently choose the option of Changing Bank Account Details”, says Gupta.
However, if your ITR status is showing as ‘Processed’, it means the refund process has been initiated and therefore, you need to raise a ‘Rectification request’. “ Under the rectification request, a taxpayer can file an updated income tax return with the new bank account details. A rectification request can be placed against an intimation received under section 143(1),” says Gupta. One will, therefore, has to wait for the I-T department to send intimation under section 143(1) either through SMS or on email.
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IT refund not received
In case you have not received ITR refund, you may request for it by choosing ‘Service Request’ under the tab ‘My Account’ and then choosing a ‘New Request’ and finally from the drop-down choose ‘Refund Reissue’. Make sure to have updated your bank details before proceeding. “While placing the ‘refund reissue’ request, the taxpayer will be asked whether they want to update bank account details,” says Gupta.
The I-T refund is being issued only through e-refunds going directly into one’s bank account with intimation sent to the taxpayer. If there is a delay beyond the stipulated period, taxpayers also get delayed interest on the refund amount. However, there may be an instance that your case has been picked for a tax audit. So, better to keep a tab on it by accessing the e-filing website to view the income tax refund status.