Income Tax Refund: Many times it happens that the refund received from the Income Tax Department is not credited to your bank account. There can be many reasons behind this, which are very important to know. Let us understand these reasons in detail:
PAN being inoperative – If your PAN is inoperative, then your refund will fail. In this case, you will receive a warning message in which the need to link PAN with Aadhaar will be told.
Bank Account not pre-validated – It has now become compulsory that your bank account is pre-validated. If your account is not pre-validated, the refund will not be credited.
Mismatch between the name in the bank account and the PAN card details – If there is a mismatch between the name in your bank account and the PAN card details, the refund may fail. So ensure that the name in both is the same.
Invalid IFSC Code – If you have entered a wrong or invalid IFSC code for your bank account, it may also cause the refund to fail. It is extremely important to enter the correct IFSC code.
Closed Bank Account – If the account you have mentioned in your ITR is closed, the refund will not be credited. So, mention the correct and active bank account only.
Keeping all these reasons in mind, ensure that your PAN and Aadhaar are linked, the bank account is pre-validated, and the bank account name and PAN card details are correct. Also, enter the correct IFSC code and mention the active account only. This will ensure that you do not face any problem in getting your income tax refund on time.
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