Hey All,
In India right now everyone is busy filing their ITR aka - Income Tax Return which is a must for nation-building and at the same time offers several benefits. It helps you claim TDS[Tax Deducted at Source] refunds, makes loan applications easier, and allows you to carry forward losses. Additionally, you can claim deductions and exemptions under the Income Tax Act, 1961. These are just a few benefits, and there are many more benefits associated with filing an ITR. Well lets get into the business of talking about - Simple steps to follow when the status is - Refund Status Failed...
I am the one who is filing most of the ITR in my family and this time I got a case where I had successfully filed ITR for my wife and she had a refund but unfortunately we saw this message cropped up which said - refund payment had failed. Upon checking the same in detail, we came to know that the refund which was being sent to one of her bank account, I would say that it is a dormant account didn't have PAN linked to it and hence the refund failed. Incase one falls into this trouble then there is a provision on the incometax website itself to Submit Refund Reissue and there you can select the bank of your option which has your PAN linked to it. Here is the process to the Submit refund reissue
Starting from selecting the return for which the refund has failed to selecting bank account, method of verification just verify by Aadhaar [Unique Identification Authority of India] you will receive the OTP on the registered mobile and you are all set to submitting the refund request and hopefully in some days the refund will arrive in your bank account. In my case I just sumitted the request Yesterday so I am positive that in three working days the income tax refund will be credit to my wife bank account. Finally, I am done with all the ITR - 1 filing for the family members and now need to shift to the other form which is ITR -2 which is more complex to file. Overall the Incometax filing process is a very daunting process when you do it yourself but at the same time you learn a lot as well while you fill out all the details provided in your Form16 and 26AS - one important point to note here is that please ensure that you are filling the right details as mentioned in Form16 that you receive from your employer and 26AS which can be obtained from incometax portal any discrepancy found will lead to a notification from the Income tax department.. So be watchful and vigilant while filing your returns. That should be it for todays post. I have kickstarted filling my ITR 2 return and am getting a warning will talk about it in my next post - need to get rid of this warning [will talk about this warning in my next post] before I submit my return and then I am done with the India Income Tax Return Filing... cheers
#tax #income #incometax #india #taxfiling #incometaxfiling #utility #incometaxgov
Are you done with your incometax filing for this Year? Online Vs Offline? Did you explore the desktop utility for you tax filing. Let me know your views in the comment section below..cheers
Image Courtesy:: incometax,
Best Regards
