06 July 2023
Hello! I’ve a query regarding the “restricted refund” while filing ITR. I’ve 3 accounts and all comes with same issue.
My name on Aadhar is “Madhan Kumar M” My name on PAN is “Madhankumar Mariappan”
All my bank has updated the name as per Aadhar name mentioned above.
My questions are :
1. Will I get the refund without rectifying the restricted refund issue on IT site ? 2. Do I need to change the bank acc details and update as per the PAN name given above to rectify the issue?
06 July 2023
1. Yes, if the refund amount is below 50K. 2. Better to get name changed as per PAN in at least one account and revalidate the account for removal of restriction.
06 July 2023
Thank you sir . The amount is more than ₹50k and I’ve directly reached the bank and they are not updating/helping to change the bank acc name as per the PAN Card and suggesting me to change the PAN name itself as per Aadhar name . Q1 . Would it be fine if I change the PAN name as per Aadhar name ? Will that work? Q2. If yes , can I go ahead and change in PAN? So this doesn’t affect anything else that are existing right ? Like the EPF or other details that we enrolled everywhere using pan.
06 July 2023
1. Yes that will be more suitable. 2. Wherever you need to change, provide Aadhar as proof, so that it will be symmetrical everywhere. 3. After the name change in PAN, re-validate the bank account/s for removal of the restriction.
CAclubindia
