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If a taxpayer has paid higher taxes than their actual tax liability , be it TDS , self-assessment tax, or advance tax, he/she is liable to receive a refund for the same.Recently, the IT department has made a small change in the tax refund process. The taxpayers claiming Tax Refunds now need to pre-validate their bank accounts in which they’d like to receive the refunds. This can be done on the official e-filing portal. So, how to do this? Here are the steps you need to follow-
1. e-Verify the Refund
ITR in India can now be easily filed online. If after filing tax returns , you find out that you have paid more taxes than you should have, you are liable to receive a refund. For this, you first need to e-verify your refunds.
You will need an EVC (Electronic Verification Code) for the same.EVC is a unique 10-digit alpha-numeric code which is sent to the registered mobile number of the taxpayer. This can be either done with the help of Aadhar OTP, Bank Account, Netbanking, or Demat Account .
2. Link PAN with Bank Account
Make sure that you have already linked your bank account with your PAN either by visiting your bank or by using its online banking portal. You will not be able to pre-validate a bank account that is not linked to your PAN.Now, once you have e-Verified your refund, the next step is to link your bank account with your PAN on the website. Login to your account on www.incometaxindiaefiling.gov.in and scroll over to ‘Profile Settings’ to open a drop-down menu.In this menu, select the ‘Pre-Validate Your Banking Account’ option. This will open a new page where you’d be asked to enter your bank details, personal details, and PAN. Enter the details and click on the ‘Pre-Validate’ button at the bottom.
3. Check Request Status
Once you have submitted the request, you can also check its status. Simply log in to your account on www.incometaxindiaefiling.gov.in and scroll over 'Profile Settings'. Click on 'Pre-Validate Your Bank Account', and you will be redirected to a page with the status of your pre-verification request.If for some reason the pre-verification has failed, you can also make changes to the information submitted after 24-hours from the first time you made the request.
Pre-Validate Bank Account for Timely Tax RefundsIt is now mandatory to pre-validate your bank account for receiving income tax refunds. Follow the steps listed above to pre-validate your bank account so that your refunds are processed in a timely and hassle-free manner.Ready to make the most of your money? Start your tax planning journey now!
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.