BANK ACCOUNT VALIDATION
This query is : Resolved
28 July 2024
A bank account is prevalidated on ITD website. It shows "Restricted Refund". what does this mean? Is the amount of refund restricted to some upper limit or is there any other implicatoin. Please guide. Thanks
28 July 2024
1. Reason For Restricted Refund -Click the 3 dots beside acct # & click 'View Bank details' ... it will show reason as “Refund can be credited only up to ..... due to name/data mismatch between Bank account & PAN.
2. Restricted Refund shows when our data in bank is not matching with Pan Data base. Generally, our name is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site.
2. Restricted Refund shows when our data in bank is not matching with Pan Data base. Generally, our name is not fully shown in bank. Get name rectified in bank by giving Aadhaar which shows our full name. After rectification in bank Revalidate the account in Income Tax site.
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