Meaning of Restricted refund in bank account details on income tax portal

This query is : Resolved

Shweta (Querist)
Follow

07 June 2023 The bank account is Validated and EVC Enabled on income tax portal. It has also been enabled for Refund nomination.

However it shows "Restricted refund" in bank account details displayed in profile on income tax portal.

1) What is the meaning of "Restricted refund" ?

2) Can this bank account be used for claiming refund?

3) what can be done to enable the refund on this account?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 June 2023 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.
3. Yes, refund of such smaller amount will get credited to the account.

Message likes : 1 times

Shweta

Shweta (Querist)
Follow

07 June 2023 Thanks.
The reason for restriction is not showing on the portal.
Yes, there is name mismatch between the bank account and PAN.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 June 2023 Get the rectification done at Bank site for the mismatch, and revalidate the account, the defect will be removed.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shubham Jain

Sivanath VV

Raviraj ponkshe

SANJAY GAIROLA

Aayesha mulani

Subscribe Now

Meaning of Restricted refund in bank account details on income tax portal

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA