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IT Refund new rule

10 December 2022

Hi,

Is there a new rule from IT department published in July 2022, saying that for getting a refund one should only give Individal bank account(not joined account) of ONLY nationalised bank? I am yet to get my refund credited to my SBI account which is a joint account. I received the intimation order on Oct 18th 2022. When I called the IT help desk the person said only nationalised bank individual account are allowed. I filed ITR 3.

Could some one please enlighten me and help me get my refund. I am ready to pay any service charges also for this help.

Thanks

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160860 Points)
Replied 10 December 2022

The refunds are credited to joint accounts, and even in other than nationalized bank/s, but the account should have been verified (i.e Validated) by assessee through e-filling web, after login.

2 Like

Ramachandran R S (CIO) (58 Points)
Replied 10 December 2022

Thanks. Even I thought the same but got confused when the IT help desk guy reiterated that only singular account in nationalised bank are eligible for refund credit. I have already everified, evc enabled and nominated my bank account, yet the refund has not happened so far. It's more than 45 days now.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160860 Points)
Replied 10 December 2022

Well, this time refund processing is very much delayed....

In some cases, our client had to wait about 50/60 days!!

If your account is VALIDATED, & same is ticked in ITR for refund, be assured you are going to get refund in the account, let it be late...

Good Luck ...

2 Like

Musrath Shaik (175 Points)
Replied 23 October 2023

there is no specific rule from the Indian Income Tax Department that required taxpayers to provide an individual bank account from a nationalized bank for tax refunds. However, tax rules and regulations can change over time, and it's possible that new guidelines or requirements have been introduced since then.

It's important to note that when you file your income tax return (ITR), you typically provide your bank account details for receiving any refunds. The account can be either an individual or a joint account, and it can be with any bank, not limited to nationalized banks.

To address your situation and resolve the issue with your tax refund, I recommend taking the following steps:

Double-check the bank details: Ensure that the bank account details you provided in your ITR are accurate, including the account number and IFSC code

For further more detailed information on this topic visit: Penalty Under Income Tax Act

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