[meerkat]

Originally Posted by pramodkumar

I am posting on behalf of my wife, She has a SBI account linked to the income tax portal for refunds and refunds have come in the past without any issue.

This year it failed due to a validation issue with the bank account, we have removed all the account and added the account again and the first time validation failed again

Are you saying that the same SBI account was successfully validated previously (so the refunds were credited successfully earlier), but has failed validation this year? I thought once an account is validated, it stays validated!

My SBI account has always failed validation for some reason that I've never quite figured out. Every year I try to have it validated, but it always fails. So I did not select it as the refund account, and have left it at that, without spending more time on it to get it validated. All my other accounts got successfully validated!

Originally Posted by deep_bang

More than the address in a similar issue I have seen with a friend, the issue tends to be either:
1. Pan not updated
2. Kyc expired
3. Account number/ifsc differences in case of bank mergers etc.

For me, it is none of the above!

Originally Posted by mtripathi13

Dear Pramod,

For pre-validation, it is imperative that the PAN is linked with the bank account. Further the telephone number and email address should also same in IT as well as bank.

My SBI account satisfies all of the above conditions, but still fails validation! The funny thing is, this is the only account (out of several) which has the phone no. matching with the IT dept. and Aadhaar! All my other accounts (all successfully validated) have a different phone no. from that in the IT dept. records and Aadhaar!
.

[rx100]

Originally Posted by Engine_Roars

I filed my revised return on 28th of June and verified the same day. It's status changed to under processing on 25th of July and has been the same since then. I am expecting a refund. Is anyone else facing similar delays?

Yes, I filed on July 4th and e-verified on same day. I filed ITR 2 and it still shows as under processing

[Engine_Roars]

Originally Posted by rx100

Yes, I filed on July 4th and e-verified on same day. I filed ITR 2 and it still shows as under processing

Thanks, It is ITR 2 for me as well.

[Mystic]

I am worried after reading this thread about returns and if it exceeds 1 lakh, it will be carried forward to next year. My returns for this year is near to 2 lakhs. Can I assume that I will not get this year? Is this an authentic information?

[deep_bang]

Originally Posted by Mystic

I am worried after reading this thread about returns and if it exceeds 1 lakh, it will be carried forward to next year. My returns for this year is near to 2 lakhs. Can I assume that I will not get this year? Is this an authentic information?

When you say returns, do you mean refunds?

[rx100]

Originally Posted by Mystic

I am worried after reading this thread about returns and if it exceeds 1 lakh, it will be carried forward to next year. My returns for this year is near to 2 lakhs. Can I assume that I will not get this year? Is this an authentic information?

I don’t know if there is any time frame, but whenever you get the refund you will get the applicable interest also along with that. It is something like 0.5% per month.

[Mystic]

Originally Posted by deep_bang

When you say returns, do you mean refunds?

I mean Refunds Sorry.

[dailydriver]

Originally Posted by rx100

I don’t know if there is any time frame, but whenever you get the refund you will get the applicable interest also along with that. It is something like 0.5% per month.

The quirky twist being that the said interest will be treated as taxable income for the next assessment year!

[meerkat]

Originally Posted by rx100

I don’t know if there is any time frame, but whenever you get the refund you will get the applicable interest also along with that. It is something like 0.5% per month.

Interest is paid only if the refund amount percentage (w.r.t. the total income) is above a certain threshold!
.

[Garth]

I filed my ITR on 3rd July. On 24th July I got an SMS saying "ITR for AY2023-24 and PAN ********* has been processed at CPC. Intimation u/s 143(1) has been sent to your registered email ID. If not received check SPAM folder."

I didn't receive any emails. Not in SPAM either.

When I checked my ITR profile, the return shows as Under Processing from 24th July. I do not see anything under my worklist.

Can someone help with if I need to do anything at this stage?

Thanks in advance.

[binand]

Originally Posted by Garth

I didn't receive any emails. Not in SPAM either.

In my case I got this SMS on 26/7 (the day I filed) but the intimation came by email only on 30/7.

You can always login to the e-filing website and download the initmation. After logging in, select e-File from top menu and then Income Tax Returns > View Filed Returns > (locate the AY 2023-24 filing) > Download Intimation Order.

[Garth]

Originally Posted by binand

In my case I got this SMS on 26/7 (the day I filed) but the intimation came by email only on 30/7.

You can always login to the e-filing website and download the initmation. After logging in, select e-File from top menu and then Income Tax Returns > View Filed Returns > (locate the AY 2023-24 filing) > Download Intimation Order.

I do not see that link to download intimation order for this year. I see it in all previous years. Maybe they are still processing.

[pramodkumar]

Originally Posted by deep_bang

Unfortunately the error does not tell why the failure occurred.

The error was the name in the PAN doesn't match the name in the account

Originally Posted by mtripathi13

Dear Pramod,

For pre-validation, it is imperative that the PAN is linked with the bank account. .

She is receiving her salary from GOI (central Govt) in this account.

Originally Posted by meerkat

Are you saying that the same SBI account was successfully validated previously (so the refunds were credited successfully earlier), but has failed validation this year?
.

Yes that's precisely what happened.

There is an update in the story, we tried adding the account again multiple times and it would just fail to add without any error messages (Thanks to the super efficient IT Dept and their support staff). We raised grievances and they just closed it saying it is logged under wrong department how pathetic that they don't have a ticket routing system.

Finally we went to the bank (SBI) and asked them to edit all the KYC details and we added the account in the IT Portal and to my surprise it worked this time. We issued a refund request and it was processed in 24 hours.

Pramod

[TSIched'Out]

Posting on behalf of a known associate:

She bought some US company shares using loan in INR, now has some dividend income from US companies. She reported the dividend income in ITR 2 under Foreign Income schedule after converting the same to INR and after deducting the interest on the loan. Also, she is not bringing dividend amount to India as she wants to create a safety net in USD in US bank account for future study/living expenses purposes. Files her tax returns in India (as resident for her Indian and US income) as well as in US (as non resident for US income only). Is the above approach fine? Is she in compliance with IT laws in reporting the correct income after deducting interest? Also, is she compliant with FEMA by not bringing USD income to India within a certain period. I think 180 days is the limit under FEMA to bring earned forex to India and she still has time as dividend was received in late Feb. Also, any recommendation of Delhi based CA who can look into this as this was her first year and she hasn't used any CA in the past.

Thanks a lot!

[meerkat]

Here is a question especially for Mr Tripathi (@mtripathi13), and for other members as well:

Apparently, the section "PART C – Details of Tax Paid (other than TDS or TCS)" is not part of the 26AS anymore! Where is this information shown now? Curiously, last year's information (shown in last year's 26AS) appears in this year's AIS for some reason, and this year's went missing!

I'd filed my ITR on 28-07-2023, and it was quickly processed by 03-08-2023! I had paid my Self-Assessment Tax while efiling, and CBDT had immediately issued me a receipt too. But to date (09-08-2023) this payment information doesn't appear anywhere else, -- neither 26AS. nor the AIS ! Shouldn't it? Thanks.
.