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IT refund query

CA Asfar Hashmi (Research Associate) (81 Points)

20 December 2010

Hi Friends......need help in reference to IT Refund. In case refund is processed and forwarded by the department to SBI for credit to the respective assessee via NEFT/ ECS but the same has got stuck with SBI (not yet credited). Is there a way to follow up with or have an update from the SBI? What is required from the assessee's side? Or it is a wait and watch game?

Thanks in anticipation !!!

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2 Replies

Rahul Gupta (Chartered Accountant) (644 Points)
Replied 21 December 2010

If the Tax Refund is not credited by the Bank via NEFT/RTGS within 3 working days than there is nothing to wait and watch the game. Just be in touch with IT Dept and get the Transaction ID as for every NEFT/RTGS transaction a Transaction ID has been issued by the Payer's Bank which helps to track the status/error of the transaction. If you wait for more time than it may be possible that the refund amount will be credited back to the IT Dept A/c and you have to again make some efforts to get them back.

After you got the transaction ID you can get the status of it from the Payer Bank.