ITR
Refund shown in the intimation but not credited
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Facts
An intimation determines the refund; the payment then goes to your pre-validated bank account. If the account details were wrong or the PAN is inoperative, the refund fails and must be reissued.
Provisions and law
- Sec 143(1), Income-tax Act 1961 (now Sec 270(1))After processing your return, CPC sends an intimation showing tax payable or refund due, after only limited adjustments.
- Sec 244A, Income-tax Act 1961 (now Sec 437)Interest on refund is payable at 0.5% for each month or part of a month.
Analysis
Check refund status on the portal. If it shows 'refund failed', validate a working bank account and raise a refund reissue request. If PAN is not linked with Aadhaar, the PAN may be inoperative and the refund is held until it is fixed. Interest under Sec 244A is generally added to delayed refunds, though delay caused by you may be excluded.
Conclusion
- Check refund status on the e-Filing portal.
- Validate your bank account under My Profile.
- Check PAN-Aadhaar link status.
- Raise a refund reissue request if the refund failed.
- Track the reissued refund.
A Savvy can do this for you
Intimation after processing, Sec 143(1) (now 270(1))
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