VALIDATE YOUR BANK ACCOUNT FOR INCOME TAX REFUNDS
VALIDATE YOUR BANK ACCOUNT FOR INCOME TAX REFUNDS
Income tax refund means a refund amount that is initiated by the income tax department if the amount paid in taxes exceeds the actual amount due (either by way of TDS or TCS or Advance Tax or Self-Assessment Tax). The tax is calculated after taking into consideration all the deductions and exemptions at the time of assessment by income tax department.
Refund processing by the tax department starts only after the return is e-verified by the taxpayer. However, if refund is not received during a longer period of time, the taxpayer must check for intimation regarding discrepancies in ITR; check email for any notification from the IT department regarding the refund.
Reasons of failure of Refund:
• In case the bank account is not pre-validated. It is now compulsory to pre-validate. your bank account.
• The name mentioned in the bank account does not match with PAN card details.
• In case of an invalid IFSC code.
• If the account that you have mentioned in the ITR has been closed.
SO IF YOU HAVE NOT YET RECEIVED YOUR INCOME TAX REFUND, MAKE SURE YOUR BANK ACCOUNT IS UPDATED.
Check for any changes or updates related to your bank account related, including:
• Bank merged with another bank
• Bank branch changed
• Bank account number changed
• Your Name in Bank Account changed
• Bank account closed or become inactive
• IFSC Code of your bank account changed
If there are any change from the above list, you need to Update/ Revalidate your Bank A/c details on e-filing portal.
TO UPDATE/REVALIDATE YOUR BANK ACCOUNT DETAILS:
Login to: https://eportal.incometax.gov.in > Profile > My bank Accounts > Click on three vertical dots > Choose Revalidate>make required changes in data for updating details > Click on Validate button.
FOR ADDING A NEW BANK ACCOUNT:
Login to https://eportal.incometax.gov.in > Profile > My bank Accounts > Add bank account > fill the required details > Click on Validate button.
After some time, you can check the status of bank account Validation.
NOMINATE FOR REFUND:
Once the Status of Bank account changes to Validated, don’t forget to nominate it for refund by enabling the ‘Nominate for Refund’ button.
VALIDATION FAILED:
If the bank account validation has failed, you can remove that bank account by clicking on the three vertical dots on “My bank accounts” screen.
BANK ACCOUNTS NEED TO BE VALIDATED WITH PAN:
Only those bank accounts, which are linked with PAN should be validated and nominated for refund. Refund cannot be credited to Bank A/c not linked with PAN.
For more info: Watch the video ‘How to pre-validate your bank account’ –
For Any further assistance you may reach our helpdesk contact numbers: 18001030025 180041940025 (Toll free) & +91-80-46122000 +91-80-61464700
Verify and update your bank account information can lead to a hassle-free income tax refund process.
Disclaimer: The news articles/knowledge updates related to law, business and finance published by us are intended to provide general information and basic understanding only and are not substitute for any professional or legal advice. By accessing and using the news articles/knowledge updates on our website, you acknowledge and agree to the terms of this disclaimer. We reserve the right to modify or update this disclaimer at any time without prior notice.
