New Delhi: The Income Tax department is entitled to give income tax refunds to eligible taxpayers who paid more in taxes than what they really owed. However, some factors lead to a pause in the tax refund process. If a taxpayer’s tax refund process gets stuck for long, the individual would be required to file a refund re-issue request.
According to the Income Tax department, refund reissue requests should be raised if a taxpayer receives an intimation from the I-T department or Refund Banker (SBI) that the processing of refund has failed. The person can submit a Refund Reissue Request on the e-Filing portal – https://www.incometax.gov.in/. With refund reissue request service, a taxpayer can raise a request in the portal for re-issuance of refund.
A taxpayer becomes eligible for tax refund after the Income Tax department initiates a tax refund when the amount of tax exceeds while paying taxes through Advance Tax, Self-Assessment Tax, TDS or TCS. After a taxpayer files an ITR, it is computed by the I-T department after accounting for all deductions and exemptions at the time of assessment.
Refund Reissue Request: A guide
Visit the official Income Tax Department e-filing portal: incometax.gov.in
Log in to your account using your user ID and password
Navigate to service menu and select refund reissue
Next step: Click on ‘Refund reissue request’
Select click on next and select the bank account to receive refund
Click on ‘ Proceed for verification’
Select e-verification method – Aadhaar OTP, EVC, or DSC
Click Continue
The reasons for failure of credit or refund can be due to incorrect Bank Details (Account no, MICR Code, IFSC Code, Name mismatch etc.), account’s holder KYC is pending, account details given are other than Current Account or Saving Bank Account or account description is incorrect.
A taxpayer is required to verify Income Tax Returns within 120 days / 30 of filing. A person can verify by following the below-mentioned steps:
e-Verify your return using e-Filing OTP / Aadhaar OTP / Bank Account EVC / Demat Account EVC / Net-banking / Digital Signature Certificate; or
Send a physical copy of duly signed ITR-V to CPC, Bengaluru
If a taxpayer receives an intimation from Income Tax Department or Refund Banker (SBI) that the processing of refund has failed, the individual can submit a Refund Reissue Request on https://www.incometax.gov.in/. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
