homepersonal finance News

How to fix bank account details to get income tax refund

How to fix bank account details to get income tax refund

How to fix bank account details to get income tax refund
Read Time3 Min(s) Read
Profile image

By Anshul  Aug 8, 2022 3:40:38 PM IST (Published)

How to change bank account details to get income tax refund after filing your income tax return or ITR.

A taxpayer needs to add his bank account number while filing the income tax return (ITR) — the last date for which was July 31 — to receive the refund value. A wrong entry or mistake in mentioning the bank account number can result in a delay in the tax refund.

Recommended Articles

View All

The key question is: What is the remedy available to taxpayers?
Simply, a taxpayer needs to submit the correct bank account number after selecting an option of refund re-issue.
And, here are the steps to apply for a refund re-issue:
Step 1:
Log in to the income tax website using the credentials
Step 2: Go to ‘Services’ and select ‘Refund Re-issue’.
Step 3: Select ‘Create Refund Re-issue Request’
Step 4: Select the record for which the request for refund is to be reissued
Step 5: All the pre-validated bank accounts with status validated/validated and EVC enabled will be displayed. Select the bank account where taxpayers would like to receive the refund.
If taxpayers do not have any pre-validated bank accounts, then they are directed to the pre-validate bank account screen. In this screen, the taxpayer should enter all relevant details of the bank account where they intend to receive a refund and click on the 'Pre-validate' button to proceed with the request submission.
After this account is pre-validated by the concerned bank, the bank account will be automatically considered for refund re-issue. This account will now be displayed under pre-validated bank accounts in the e-filing portal.
Step 6: Further, click on the ‘Proceed to Verification’ button
A refund is issued to taxpayers when the taxes paid are higher than the actual tax liabilities. To get a refund of the excess tax paid, taxpayers are required to file ITR.
How to check the status of the ITR refund online?
One can check the status of the tax refund online through the income tax e-filing website — incometaxindiaefiling.gov.in. One can navigate to the 'Status of Tax Refunds' tab.
A message will pop up, giving the mode of payment, a reference number, status and date of refund.
One can also check it on the e-governance website of the National Securities Depository Limited (NSDL): tin.tin.nsdl.com. Taxpayers can also check it via the e-governance website of the National Securities Depository Limited (NSDL).
What if a tax refund has not been credited?
Taxpayers should check their email to see if there is any communication from the income tax department seeking a response. It's vital to respond to the email, if any, at the earliest. They can also raise a service request on the e-filing portal.
The Income Tax (I-T) Department had allowed taxpayers to claim any excess tax payment for the financial year 2021-22 by filing an income tax return by July 31, 2021, without any penalty. Those who failed to do this can file a belated return now with a certain penalty.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers