Restricted refund in income tax portal

07 June 2023 The bank account is Validated and EVC Enabled on income tax portal. It has also been enabled for Refund nomination. However it shows "Restricted refund" in bank account details displayed in profile on income tax portal. 1) What is the meaning of "Restricted refund" ? 2) Can this bank account be used for claiming refund? 3) what can be done to enable the refund on this account? 07 June 2023 1. Reason For Restricted Refund -Click the 3 dots beside acct # & click 'View Bank details' ... it will show reason as “Refund can be credited only up to ..... due to name/data mismatch between Bank account & PAN. 2. Restricted Refund shows when our data in bank is not matching with Pan Data base. Generally, our name is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site. 3. Yes, refund of such smaller amount will get credited to the account.

Last updated on February 8th, 2023 A taxpayer becomes eligible for an income tax refund when taxes paid are higher than your actual tax liability inclusive of interest. It could be in the form of • When the advance tax paid on estimated income is higher than the actual tax liability of a taxpayer. • If tax deducted at source (TDS) from salary, interest, professional or other incomes is higher than the tax payable on regular assessment. • When self-assessment tax paid is in excess of actual tax liability. • When an income is charged in India and in a foreign country. (with whom the Indian government has an agreement to avoid double taxation). • • • • • • • • How to claim Income Tax Refund? A few basic things to keep in mind if you want to claim a refund. • Don’t forget tosubmit • It contains details about • Your employer will calculate accurate TDS based on your investment declaration form and you will save yourself from excess TDS. • Entered all the deductions in your income tax return. • If you don’t enter deduction details in tax return then your tax liability will be higher than the TDS deducted by an employer. • You will end up paying tax which you are not liable to. • File an income tax return to claim a refund. • If you do not file an income tax return then all your tax credits including TDS and advance/self-assessment taxes will go in vain. • Income Tax Department will not automatically pay you a refund just because you have paid taxes. • Declare all the incomes and...

26 March 2023 Recently (from 20-03-2023) E-Filing site showing Restricted Refund for some people and for some Bank accounts.I observed that for 1 person Union Bank account shows as Eligible For refund and for some it is showing as Restricted Refund.I checked with bank and it is not Inoperative account.Regular credits & debits are there.No KYC problem and account is also validated & EVC enabled.Can anybody guide me regarding this issue.

Synopsis The income tax department had previously announced that from March 1, 2019, it will issue only e-refunds. These tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the new income tax e-filing website. Here is a step-by-step guide to pre-validate a bank account on the new income tax portal. Abhishek Soni, CEO, Tax2Win.in, an ITR filing website says, "Pre-validation of bank account and linking of PAN with bank account (in which income tax refund has to be credited) are mandatory for receiving the income tax refund. If anyone of this not done, then the tax refund will not be credited into the individual's bank account. The income tax department issues only The income tax department had previously announced that from March 1, 2019, it will issue only e-refunds. These tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the income tax e-filing website. As government launched a new income tax portal in June 2021, it is likely that you have already pre-validated your bank account last year again. Thus, it is important to check the bank accounts that are already pre-validated on income tax portal before making a pre-validating one. How to pre-validate your bank account In case you want to add the bank account details again due to a change in IFS code or want to add details of a new bank account, then follow these steps. Step 1: Login to your account on ...

Don't see name on PAN card.There is a character restriction for name to be embossed in PAN card. For restricted refund problem our name in bank should match with name in PAN database. Name in PAN database can be seen in Form 26AS or Profile page in IT site or check last year return form.Generally our surname is not fully shown in bank records. Get it rectified by giving Aadhaar(which shows our full name). After rectification in bank revalidate in IT site. I solved 5 issues of my friends & relatives. Reason For Restricted Refund -Click the 3 dots beside acct # & see View Bank details it will show reason as “Refund can be credited only up to due to name mismatch between Bank account & PAN. 50 L does not mean 50 lakhs, but it must be 50 thousand. Restricted Refund shows when our name in bank is not matching with Pan Data base. Generally our surname is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site.

07 June 2023 The bank account is Validated and EVC Enabled on income tax portal. It has also been enabled for Refund nomination. However it shows "Restricted refund" in bank account details displayed in profile on income tax portal. 1) What is the meaning of "Restricted refund" ? 2) Can this bank account be used for claiming refund? 3) what can be done to enable the refund on this account? 07 June 2023 1. Reason For Restricted Refund -Click the 3 dots beside acct # & click 'View Bank details' ... it will show reason as “Refund can be credited only up to ..... due to name/data mismatch between Bank account & PAN. 2. Restricted Refund shows when our data in bank is not matching with Pan Data base. Generally, our name is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site. 3. Yes, refund of such smaller amount will get credited to the account.

26 March 2023 Recently (from 20-03-2023) E-Filing site showing Restricted Refund for some people and for some Bank accounts.I observed that for 1 person Union Bank account shows as Eligible For refund and for some it is showing as Restricted Refund.I checked with bank and it is not Inoperative account.Regular credits & debits are there.No KYC problem and account is also validated & EVC enabled.Can anybody guide me regarding this issue.

Synopsis The income tax department had previously announced that from March 1, 2019, it will issue only e-refunds. These tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the new income tax e-filing website. Here is a step-by-step guide to pre-validate a bank account on the new income tax portal. Abhishek Soni, CEO, Tax2Win.in, an ITR filing website says, "Pre-validation of bank account and linking of PAN with bank account (in which income tax refund has to be credited) are mandatory for receiving the income tax refund. If anyone of this not done, then the tax refund will not be credited into the individual's bank account. The income tax department issues only The income tax department had previously announced that from March 1, 2019, it will issue only e-refunds. These tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the income tax e-filing website. As government launched a new income tax portal in June 2021, it is likely that you have already pre-validated your bank account last year again. Thus, it is important to check the bank accounts that are already pre-validated on income tax portal before making a pre-validating one. How to pre-validate your bank account In case you want to add the bank account details again due to a change in IFS code or want to add details of a new bank account, then follow these steps. Step 1: Login to your account on ...

Don't see name on PAN card.There is a character restriction for name to be embossed in PAN card. For restricted refund problem our name in bank should match with name in PAN database. Name in PAN database can be seen in Form 26AS or Profile page in IT site or check last year return form.Generally our surname is not fully shown in bank records. Get it rectified by giving Aadhaar(which shows our full name). After rectification in bank revalidate in IT site. I solved 5 issues of my friends & relatives. Reason For Restricted Refund -Click the 3 dots beside acct # & see View Bank details it will show reason as “Refund can be credited only up to due to name mismatch between Bank account & PAN. 50 L does not mean 50 lakhs, but it must be 50 thousand. Restricted Refund shows when our name in bank is not matching with Pan Data base. Generally our surname is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site.

Last updated on February 8th, 2023 A taxpayer becomes eligible for an income tax refund when taxes paid are higher than your actual tax liability inclusive of interest. It could be in the form of • When the advance tax paid on estimated income is higher than the actual tax liability of a taxpayer. • If tax deducted at source (TDS) from salary, interest, professional or other incomes is higher than the tax payable on regular assessment. • When self-assessment tax paid is in excess of actual tax liability. • When an income is charged in India and in a foreign country. (with whom the Indian government has an agreement to avoid double taxation). • • • • • • • • How to claim Income Tax Refund? A few basic things to keep in mind if you want to claim a refund. • Don’t forget tosubmit • It contains details about • Your employer will calculate accurate TDS based on your investment declaration form and you will save yourself from excess TDS. • Entered all the deductions in your income tax return. • If you don’t enter deduction details in tax return then your tax liability will be higher than the TDS deducted by an employer. • You will end up paying tax which you are not liable to. • File an income tax return to claim a refund. • If you do not file an income tax return then all your tax credits including TDS and advance/self-assessment taxes will go in vain. • Income Tax Department will not automatically pay you a refund just because you have paid taxes. • Declare all the incomes and...