Bank validation and refund
Priyansh pandey (22 Points)
26 July 2023Priyansh pandey (22 Points)
26 July 2023
Nikita Agarwal
(Semi Qualified CA)
(3208 Points)
Replied 26 July 2023
sabyasachi mukherjee
(27334 Points)
Replied 02 August 2023
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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