Taxpayers Link your PAN with bank for refunds: Income Tax Department

Taxpayers Link your PAN with bank for refunds: Income Tax Department




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 Taxpayers Link your PAN with bank for refunds: Income Tax Department

“Get your refund directly, swiftly and securely in your bank account”

The income tax refunds will be credited only to bank accounts (savings/current/cash/OD) which are linked to PAN w.e.f. March 1, 2019. If your PAN is not yet linked with your bank account, you should link it.

Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers.

If your bank is integrated with the e-filing portal, pre-validation can be done directly through EVC (Electronic Verification Code) and net-banking route. On the other hand, if your bank account is not integrated with the e-filing portal, then the income tax department will validate the bank account itself from the details filled up by you.

Steps to pre-validate bank account to receive tax refunds:

STEP 1:

STEP 2:

  • Once logged in, click on profile settings and click on pre-validate your bank account.

STEP 3:

  • Enter your bank details i.e. bank account number, IFSC, bank name, mobile number and Email-id.

 STEP 4:

  • Click on pre-validate. The income tax department will show you a message on your screen like “Your request for pre-validating bank account is submitted. Status if your request will be sent to your registered email id and mobile number”
NOTE: Your PAN, name, mobile number and email id must match with the details as given in your bank account to successfully pre-validate your bank account.

 

Recently, the linking of the PAN with the Aadhaar-PAN has been made “mandatory” for those filing an Income Tax Return (ITR) and this procedure has to be “completed” by March 31 this year.

As per data updated till early this month, the I-T Department has so far issued 42 crore PANs, of which 23 crore have been linked with Aadhaar.

 

 

–Maitri Badani (Article Assistant)

Ms. SSRPN & Co. Nagpur.




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