By Nandini Das
CNBC-TV18.com
Published July 15, 2024
According to the Income Tax Department's official website, multiple reasons can be responsible for the failure of a refund. Check out some of the reasons:
Incorrect bank details including account number, MICR code, IFSC code etc.
Pending KYC of the account owner
Input of account details mentioned by the taxpayer are different from the current account or savings account.
Account description is incorrect
If there are no errors, the refund for Income Tax will be deposited directly into the bank accounts of the eligible taxpayers, depending on the designated bank account they have mentioned during the time of ITR filing.