You must pre-validate your bank account on the income tax e-filing site to guarantee a smooth refund procedure, according to the Income Tax Department. The income tax department will scrutinise your filed returns and handle the refund once it has been received. Note that having a validated bank account is essential for receiving of refunds.Last date for filing income tax return (ITR)

When should a taxpayer revalidate a bank account?

When account data is updated due to branch changes, IFSC changes, bank mergers, etc., an already-validated bank account has to be revalidated.

Income tax refund
Income tax department posted on social media X, “Having a validated bank account is essential for receiving refunds.
An already validated bank account will require re-validation after updation of account details consequent to change in branch, IFSC, Merger of bank, etc.”Prerequisites for availing this service
Registered user on the e-Filing portal with valid user ID and password
PAN must be linked with the bank account which is to be pre-validated
Add bank account:
Account must be linked with PAN
user must have a valid IFSC and Account number

How to update existing bank account for validation

Step 1: Visit https://incometax.gov.in/iec/foportal/
Step 2: Login and click on Profile
Step 3 Choose ‘Bank Account’ and click Revalidate
Step 4: Update Bank Account Details such as a/c No., IFSC, a/c type
Step 5: Click on Validate.

How to add new bank account

Step 1: Visit https://incometax.gov.in/iec/foportal/
Step 2: Login and click on ‘ Profile’
Step 3: Click on My Bank Account (the Added, Failed and Removed Bank Accounts tabs will be displayed.)
Step 4: Add Bank Account
Step 5: Click on Validate.

Post validation, any bank account number in the database would have one status out of the below mentioned four status types. The exact details of the accounts can be seen by hovering mouse over these icons in the Tax Payers’ dashboard in FO Portal.
Success, Failure, Success With Remark, Pending for Validation.

If the account status is shown as “Pending for Validation” then please wait since the account will be validated by NPCI.

Note that the tax payer at any time can add/delete the bank account details and new account details will be validated.

Services which can be availed

  • Add a bank account and pre-validate it
  • Remove a closed or deactivated bank account
  • Nominate a validated bank account to receive Income Tax refund
  • Remove a bank account from nomination so as not to receive tax refund in that account
  • Enable or disable EVC for the validated bank account (only for individual taxpayers)
  • Revalidate bank accounts for which pre-validation has failed.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *