Changing the bank details in the income tax return for claiming income tax refund

There are many incomes which attract deduction of tax at source (TDS) & Refund is one of the most features in the income tax returns now. However, non receipt of the income tax refund is another biggest grievance of the taxpayer.

Primarily, non receipt of income tax refund is the result of

1.    Incorrect account or bank details provided in the income tax return

2.    Closure of bank account after filing of income tax retrun

3.    Mis-match in the TDS claimed vis a vis TDS filed

4.    Adjustment of old demand against subsequent years refund.

Now a days, there is a system of issuing refund by transferring the amount directly in the bank account of the taxpayer and cheque is not issued unless and until specifically requested by the taxpayer.

This is why taxpayers are required to quote bank account number in the income tax return. Taxpayer need to be very careful while quoting the bank account as account number size is too lengthy and minor mistake would result in rejection of refund credit.

If there is a change in the bank account or mistakes in quoting, taxpayer could rectify it with following sequential steps.

1.    Log in at www.incometaxindiaefiling.gov.in

2.    After login through your login details i.e., PAN & Password, taxpayer need to click “My Account” wherein “refund re-issue request” Option would be there.

3.    Above click will take you to further option to give the option to give your preference i.e., whether the refund is needed by ECS or by Cheque.

4.    Next step would be to provide the new Bank Account Number details and provide current address details.

After above sequential data punching, the required details is updated in income tax data bank and the refund is processed within a short span of time.

www.theTAXtalk.com would be happy to take your refund processing claim on professional assignment basis also on payment of Rs. 500/-.

Taxpayer can forward the details on taxtalknew@gmail.com after transferring the payment at following bank account:

ICICI Bank