NEW DELHI :
Several taxpayers or assesses are complaining to the Income Tax department on Twitter that they are yet to receive income tax refund despite having filed their income tax returns (ITR) one or two months ago. Usually, a delay in processing of ITR automatically results in delay in sending your tax refund.
But this time most complainants are saying that their ITRs have been processed but refunds are yet to get transferred to their bank accounts.
Not everyone is aware that the income tax department has changed income tax refund rules from March this year. All those who filed their ITR for financial year 2018-19 this time need to be compliant to new rules to get timely refund.
The new income tax refund rule:
1) According to new procedures laid down by the I-T department, tax refunds are being issued only electronically through e-mode. This means that the tax department has done with the practice of sending out refund cheques.
Refunds are being sent directly to the taxpayer's bank accounts. But the new rules state that refunds will be given only to bank accounts, whether savings, current, cash, or overdraft (OD) account, if it is linked with Permanent Account Number (PAN) of the assessee.
Linking bank account with PAN is quite simple as all you need to do is send your Permanent Account Number to your bank and ask them to link with your account in which you want the e-refunds to land.
2) The second requirement to get your income tax refund is by ensuring that your bank account is pre-validated on the income tax department's e-filing portal. You can go to the website, make a log-in using your PAN and password and then go to profile settings. There you will find an option to pre-validate your bank account.
If your bank is integrated with the e-filing portal, pre-validation will be done directly through EVC and netbanking route. You need to give your bank account number, IFSC code, mobile number and email ID linked to that account.
If your bank is not integrated, then the Income Tax department will validate the bank account from the details filled by you.
How to check if your are compliant with the new income tax refund rule:
To check if your bank account is linked with your PAN, login to the income tax department's e-filing portal and check "pre-validate your bank account" in profile settings.
Once the pre-validation process of your bank account is complete, there should be no issue in receiving tax refund.