It is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account.
The income tax authorities process the tax returns (ITR) filed by assessees and if any refund is due, a refund order is issued for direct credit to the taxpayer’s bank account. Since March 2019, the income tax department only issues e-refunds and physical dispatch of refund cheques has been discontinued. Hence, it is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account.
Login to e-filing portal
To register one’s account, one should login to the e-filing portal at https://www.incometaxindiaefiling.gov.in/home. Enter your login ID, password and a captcha that appears, to login.
Registered bank accounts
After logging in, go to ‘Profile settings’ and click on ‘Pre-validate your bank account’ option. A list of bank accounts that have been registered on the e-filing portal will be displayed along with status of registration.
Adding another account
If no accounts are displayed or the taxpayer wishes to add another bank account for processing of e-refunds, he needs to click on ‘Add’ and enter bank account details and contact details. PAN should have been seeded with the bank account to be added and the name on the PAN card should match the name on the bank account, in such a case the account will be pre-validated. After entering the details, the taxpayer can click on the ‘Pre-validate’to validate the account. A transaction acknowledgement number will be displayed on the screen.
Points to note
- Only one account can be registered at a time for e-verification of returns.
- If the email ID and mobile number registered with the bank account matches with the details on the portal, such account can be used for electronic verification to verify returns filed by taxpayers.
|
