Income Tax refunds, only if you prevalidate your bank account

Income Tax refunds, only if you prevalidate your bank account

Income tax department on its e-filing portal is urging tax payers to prevalidate their bank accounts for seamless credit of the income tax refund. 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.” The Income Tax Department, in March 2019 made an announcement to issue only e-refunds via electronic mode into the bank accounts of taxpayers. For the purpose, the tax payers need to link their PAN with the account and also prevalidate their bank accounts.

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Apart from filing ITR, Prevalidation of bank accounts is mandatory to receive tax refund.

Here are the steps to prevalidate your bank account for the purpose of receiving tax refunds:

>Go to the income tax e-filing website,and log in to your account

>To log in, enter your ID, password and captcha code.

>After logging in, go to profile settings tab and click the ‘Prevalidate your bank account’ option

This will give you the details of bank accounts integrated with the e-filing portal. You will also see each account status in terms of being validated and EVC enabled. EVC stands for Electronic Verification Code. Only one bank account can be EVC enabled. If any of your bank accounts is EVC enabled, you won’t be able to EVC enable any other accounts. If you wish to receive your Income Tax Refund is a different account, click on the ‘Add’ button. Enter your PAN number, Bank Account Number, Account Type, IFSC, mobile number and e-mail id.

Your PAN should be seeded with the bank account in the bank’s database and your name in your bank account should match as per on the PAN card. If it matches, then the account will be prevalidated.

If your mobile number and e-mail id in your bank account also matches the e-filing portal, then such accounts can be used to generate EVC to verify the return.

After entering your bank and contact details, click on ‘Prevalidate’ button. You will get the acknowledgement from the Income Tax Department.

You can also use your bank’s net banking facility to prevalidate your account.

Source:-livemint

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