Income Tax Refund in Foreign Bank Account
Sourabh Shinde (10 Points)
18 April 2023We are facing the following problem: Income Tax Refund (which is processed and tax duly deducted thereon) is not getting credited to foreign Bank Account of a foreign Company. It states on website "refund failure due to non validation of bank account."
Now a foreign Bank Account cant have PAN linked to it, and cant be validated like an Indian Account. This is the confusion. Govt has, via press release made it clear that it will be possible to receive refund in Foreign Bank Account. ITR form has fields to fill such Account Details. But there seems to be some difficulty in this.
I think many others are facing this isue as well. Has anybody come across any solution to this? Or please share your experience.
Thank you.