Hello everyone,
I have noticed that my bank account has been marked as "refund restricted" in the income tax site.
I would like to know the reasons behind the issue & steps to be taken to resolve it.
Thanks in advance.
geo jojan (29 Points)
05 June 2023
CA Kamlesh Kukreja
(Own Business)
(496 Points)
Replied 06 June 2023
SATISH KUMAR
(213 Points)
Replied 06 June 2023
CA Kamlesh Kukreja
(Own Business)
(496 Points)
Replied 06 June 2023
Nishant
(Assistant)
(1092 Points)
Replied 06 June 2023
Bank Account Revalidation failed in such cases.....
r p shankar rao
(bank employee)
(103 Points)
Replied 07 June 2023
Reason For Restricted Refund -Click the 3 dots beside acct # & see View Bank details it will show reason as “Refund can be credited only up to <50L> due to name mismatch between Bank account & PAN. 50 L does not mean 50 lakhs, but it must be 50 thousand.
Restricted Refund shows when our name in bank is not matching with Pan Data base. Generally our surname 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.
Nishant
(Assistant)
(1092 Points)
Replied 07 June 2023
Sir On Income Tax Portal after clicking on 3 dots not showing any reason as mentioned by u for Restricted Refund. Also name appearing on cheque is same as PAN-AADHAAR. still not revalidated.
r p shankar rao
(bank employee)
(103 Points)
Replied 07 June 2023
After clicking 3 dots you have to see view bank details.Simply clicking 3 dots you won't see any reason.To resolve Restricted refund issue our name in bank should match with name PAN database.
Nishant
(Assistant)
(1092 Points)
Replied 08 June 2023
Yes Yes sir....after clicking on 3 dots and viewing bank details nothing specified
CAclubindia
