Income tax refunds, only if you prevalidate your bank account. Here’s how to do it

New Delhi: Last year, the process of claiming income tax refund was tweaked by the tax department. In order to claim an income tax refund, apart from filing an income tax return (ITR), you have to ensure that you have pre-validated your bank account. This should be the account in which you want to receive the income tax refund after your return is successfully filed or when filing ITR.

Along with the pre-validation, you also have to link your PAN with your bank account. If they are not linked, you will not be able to get the income tax refund in your bank account. The income tax department had announced last year that it will issue only e-refunds. These refunds will be credited only to those bank accounts which are PAN and are pre-validated on the income tax e-filing website, www.incometaxefiling.gov.in.

itr pre-validate

Here’s how you can pe-validate your bank account:

Step 1: Go to www.incometaxefiling.gov.in and log in to your account.
Step 2: Enter your PAN, password and given captcha to log in. It may be noted that the user ID to enter account would be your PAN.
Step 3: Once you log in, click on ‘profile settings’ tab in your account and click the drop-down list.
Step 4: Now, click ‘prevalidate your bank account’ option and proceed.
Step 5: It may be noted that if any of your bank accounts is pre-validated then you can view on the screen. If your account is not pre-validated or you want to receive the refund in a different bank account, then click ‘Add’.
Step 6: On the page opened, enter details like bank account number, account type, IFSC, bank name, bank branch, mobile number and email ID. Both your mobile number and email ID must match with your bank records.
Step 7: Click on ‘Prevalidate’ button. A message will appear saying “Your request for pre-validating bank account is submitted. Status of your request will be sent to your registered email ID and mobile number.”

It is worth mentioning that the Income tax department on its e-filing portal is urging taxpayers to prevalidate their bank accounts for seamless credit of the income tax refund in their bank account. CBDT in a release on July 17 said, “all the refund-related cleaning up of the tax demands are being taken up on priority and is likely to be completed by 31st August 2020.

Source:-timesnownews