IT refund query

[nRiTeCh]

Last year I paid excess tax and this year I'm bound to receive IT refund as per my Form 16.

But in which bank account will I receive the refund?

I logged into my incometaxindiaefiling.gov.in/ account but theres no such option for bank account linking except for pan and aadhar linking.

So how and where does my refund is going to get processed?

 

[vivek.krishnan]

You will get a cheque in your name and A/C crossed...

 

[nRiTeCh]

But I heard it gets deposited online into our bank account etc.

 

[swatkats]

But I heard it gets deposited online into our bank account etc.

If you give your account details while filing, then you will get in to the account.

They'll send a cheque like Vivek said to the address you have mentioned in the PAN database.

 

[mathrisk]

Last year I paid excess tax and this year I'm bound to receive IT refund as per my Form 16.

But in which bank account will I receive the refund?

I logged into my incometaxindiaefiling.gov.in/ account but theres no such option for bank account linking except for pan and aadhar linking.

So how and where does my refund is going to get processed?

Bank account details are mandatory fields in the ITR form. Section D15 (under tab "Taxes Paid and Verification")
IFSC and Acc number needed to be given, in which the refund gets credited.

 

[cute.bandar]

I received refund in bank account only

 

[prash2k01]

Fill the ITR this time with Bank details.... It will remains forever until you change

 

[nRiTeCh]

I see. My ITR is already processed and verified.

 

[sandeepsachin]

Slightly off-topic, didn't wanna make a separate thread. I filed my returns and later realised i made mistakes in the original ITR.So, filed a revised one immediately. Now, do i need to e-verify both the revised and original ? Or the revised supersedes the original?

 

[tommy_vercetti]

Slightly off-topic, didn't wanna make a separate thread. I filed my returns and later realised i made mistakes in the original ITR.So, filed a revised one immediately. Now, do i need to e-verify both the revised and original ? Or the revised supersedes the original?

You can do for the revised one, as once you file the revised one the earlier one does would not be considered

 

[Party Monger]

Last year I paid excess tax and this year I'm bound to receive IT refund as per my Form 16.

But in which bank account will I receive the refund?

I logged into my incometaxindiaefiling.gov.in/ account but theres no such option for bank account linking except for pan and aadhar linking.

So how and where does my refund is going to get processed?

In the account you mentioned in the ITR. If not the email id registered with dept will get an email about failure to transfer the refund and ask you to update it.

 

[Lord Nemesis]

That's right, Refund is deposited to what ever bank account you mention while filing the IT returns.

In case somebody else did it for you or you are not sure, you can download the IT returns XML file from the incometaxfiling site and load it in the java utility. Alternatively, you can just check for these nodes in the XML directly

<PriBankDetails>
<IFSCCode>xxxx</IFSCCode>
<BankName>xxxxx</BankName>
<BankAccountNo>xxxxxxxxx</BankAccountNo>
</PriBankDetails>

 

[blr_p]

The IT dept has extended the deadline to Aug end

 

[nRiTeCh]

I mentioned all my 4 bank accounts while filing returns so now in which account will it be credited?
Or how do they decide on choosing the account for that purpose?

 

[Konquerror]

I mentioned all my 4 bank accounts while filing returns so now in which account will it be credited?
Or how do they decide on choosing the account for that purpose?

Refer following image:

That's right, Refund is deposited to what ever bank account you mention while filing the IT returns.

View attachment 75908

In case somebody else did it for you or you are not sure, you can download the IT returns XML file from the incometaxfiling site and load it in the java utility. Alternatively, you can just check for these nodes in the XML directly

<PriBankDetails>
<IFSCCode>xxxx</IFSCCode>
<BankName>xxxxx</BankName>
<BankAccountNo>xxxxxxxxx</BankAccountNo>
</PriBankDetails>

 

[nRiTeCh]

Yes got it

 

[jsmithe]

Slightly off-topic, didn't wanna make a separate thread. I filed my returns and later realised i made mistakes in the original ITR.So, filed a revised one immediately. Now, do i need to e-verify both the revised and original ? Or the revised supersedes the original?

CA friend says that both original and revised ITR's have to be verified. Can confirm that doing this results in the revised version being processed.

 

[sandeepsachin]

CA friend says that both original and revised ITR's have to be verified. Can confirm that doing this results in the revised version being processed.

Thank you . Appreciate the effort. Will verify the original as well.

 

[sandeepsachin]

A retired senior citizen filed his ITR for 2016-17 only in march of this year and since he was below the taxable income , his refund claimed on TDS was a measly 20 rs
His ITR shows as processed but there's no sign of refund in the acknowledgement.
Do they just ignore the refund part for such small amounts?

 

[codereverser]

I think 100/- is the limit. AFAIK demand or refund below that are ignored.