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Bank validation and refund

26 July 2023

After filing and verifying the return, it was found that the bank is showing Restricted for refund. Later, after revalidating the pan, it is correct, now the refund will come easily??

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5 Replies

Nikita Agarwal (Semi Qualified CA) (3208 Points)
Replied 26 July 2023

If the bank is showing "Restricted" for refund, it typically means that there might have been an issue with the refund process, and the funds couldn't be credited to your account at that time. The "Restricted" status could be due to various reasons, such as incorrect bank account details, technical issues, or the bank's internal policies.If the issue with the refund was related to incorrect PAN details, then revalidating and ensuring the correct PAN should help resolve the problem.In case the refund still doesn't come through after the correction, you can contact the Income Tax Department or consult a tax professional

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Priyansh pandey (22 Points)
Replied 26 July 2023

Ok, thankiyu so much

1 Like

sabyasachi mukherjee (27334 Points)
Replied 02 August 2023

Then there is a mail from cpc bangalore stating reasons of such delay.

Musrath Shaik (175 Points)
Replied 02 August 2023

If you've filed your income tax return and encountered an issue where the bank status is showing as "Restricted for refund," it typically indicates that there might have been a temporary restriction placed on the refund process. This can happen for various reasons, such as discrepancies in PAN details, verification issues, outstanding tax liabilities, or other factors.

Revalidating the PAN (Permanent Account Number) is an essential step to correct any discrepancies in your tax return information. If the PAN has been revalidated and the correct details have been confirmed, it should help resolve any issues related to PAN verification.

However, while revalidating the PAN is an important step, it doesn't guarantee an immediate refund.

For further more detailed information on this topic visit: GSTN Advisory on Bank Account Validation

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