Income Tax Return (ITR) filing: Want to change your bank account number in your ITR? Here’s what you should do
Income Tax Return (ITR) filing: Every salaried employee has to file Income Tax Return (ITR). It needs to be noted that every individual is liable to pay taxes on income. However, Income Tax Department lends a helping hand as it allows a list of claims that brings down taxes that you pay.Income tax return includes a form that needs to be filled up. It asks for details about incomes from all sources and indicates the taxes imposed thereon to the I-T department. Every citizen is obligated to file ITR before the I-T department. There are various forms depending upon the category of income like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. These forms are needed to be filed before a specified date decided by the IT department.
Under ITR filing, there is also a need to mention your bank account number because your refund value will be transferred back by the department in your account.
However, considering ITR filing is once a year procedure, there can be possibilities that you might have changed your bank account number. It becomes very important that a taxpayer adds the new bank account number for seamless tax filing.
Here’s how you can change your bank account number in your ITR, as per ClearTax report.
You can only change your Bank Account Number if you had a refund failure i.e your IT Return is processed and a refund was generated for you but you did not receive it.
If you wish to change the Bank Account Number for Refund failure case, then login in the Income Tax e-Filing website and go to ‘My Account’ → ‘Refund re-issue request’.
Select the mode through which you wish to receive the refund- ECS or Cheque.
Enter the new Bank Account Number and provide address details. Submit the request.
Once the request is submitted, your new Address is updated with the Income Tax Department.