Various taxpayers have been complaining to the Income Tax Department on Twitter that they have not received their income tax refund despite filing their ITR (income tax return) timely. Typically, a delay in the processing of ITR which automatically results in the postponement in sending your tax refund. Currently, the majority of people are complaining that their ITRs are processed, but returns are yet to be credited to their bank accounts.
Many people are not aware that the income tax department has changed the income tax refund rules from March 2019. All those who have filed ITR for the fiscal year 2018-19 are required to fulfill the new regulations to get a timely refund.
Some of these fresh rules from the Income Tax Slab for the financial year 2019-20 are:
1. Individuals with a taxable income of up to Rs 5 lakh would not be charged with any income tax.
2. A person can now use Aadhar card interchangeably with PAN cards to file his Income Tax Returns.
3. An income tax reduction of Rs 1.5 lakh would be offered for interest on a loan is taken to buy an electric vehicle.
Changes received on the income tax refund rules are:
1. The new procedures laid down by income tax department state that the tax refunds would only be issued through e-mode or online mode, which means that the department has finally rejected its old refund cheques method.
The refunds are sent directly to the assesses’ account. According to the new rules, in case the account is linked with the taxpayer’s PAN, the returns will be credited only to bank accounts, whether its savings, current, cash or overdraft (OD) account.
It is effortless to link PAN with a bank account. One needs to send your Permanent Account Number to your bank division and ask them to connect the account in which one wants his e-refunds to be received.
2. The second new rule states to get your income tax refund, one needs to make sure their bank account is already pre-validated on the IT department’s e-filing portal. To check this, one needs to visit the website, log in using PAN and password, and then go to the profile settings tab. The option to pre-validate one’s bank account would be visible in the tab.
In case the bank has been integrated with the e-filing portal, pre-validation would be carried on directly through EVC and net banking route. One needs to provide their bank account number, IFSC code, mobile number, and email ID linked to that account. However, the Income Tax department would validate the bank account from the details filled by the person if one’s bank has not been integrated.
Crosscheck if all these requirements have been fulfilled by your account to receive the ITR without any trouble.