Why do we have to Prevalidate our Bank Account?
Taxpayers receive their Income Tax Refund in their prevalidated bank accounts. They receive a refund after the ITR has been successfully filed. Taxpayers should also link their PAN to their bank account. If they fail to do so, they won’t receive the Income Tax Refund in their bank account. Hence, it is necessary to prevalidate their bank account. The Income Tax Department (ITD) had previously announced that they will only issue e-refunds from 1st March 2019. The service of “My Bank Account” offers the following services post login on the new IT portal:
- Add a bank account and pre-validate it
- Remove a closed or deactivated bank account
- Nominate a validated bank account to receive Income Tax refund
- Remove a bank account from nomination so as not to receive tax refund in that account
- Enable or disable EVC for the validated bank account (only for individual taxpayers)
- Revalidate bank accounts for which pre-validation has failed
- Registered user on the e-Filing portal with valid user ID and password
- PAN must be linked with the bank account which is to be pre-validated
- Active bank account:
- linked with PAN
- linked with registered mobile number (mandatory) and email ID (optional)
- Valid mobile number:
- registered with e-Filing portal
- linked with active bank account
Steps To Prevalidate Bank Account Details
- Log in to the e-Filing Portal
Login to the e filing portal using your user ID and password.
- My Profile
Click on the option of profile from the top right.
- Bank Account
Click on the Bank Account option.
- My Bank Accounts Page
On the My Bank Accounts page, the Added, Failed and Removed Bank Accounts tabs will be displayed.
Nominate a Bank Account for Refund from Multiple Bank Accounts
- In order to nominate your bank accounts for refund, visit the bank account page as explained from above.
- Next, click on the toggle option presented under the “Nominate for Refund” column against the bank accounts you wish to nominate for refund.
- Click on continue to confirm that you wish to nominate the selected bank account.
Before e-Verifying ITR through a bank account, you first need to make sure that your bank account is pre-validated. For pre-validation, you have to select your bank name, enter the bank account number, Account type, IFSC code and your registered mobile number and prevalidate. Note that, for the pre-validation, your name, PAN and mobile number must match with the bank records.
Only a pre-validated bank account can be nominated to receive Income Tax refund.
Further, a pre-validated bank account may also be used by the individual taxpayer for enabling EVC (electronic verification code) for e-Verification purpose. e-Veriﬁcation can be used for Income Tax Returns and other Forms, e-Proceedings, Refund Reissue, Reset Password and secured login to e-Filing account.
Yes. You can pre-validate multiple bank accounts, and can nominate more than one bank account for Income Tax refund.
The status of the validation request will be sent to your mobile number and email ID registered with the e-Filing portal. If the validation fails, the details are displayed under Failed Bank Accounts. The failed bank accounts can be re-submitted for validation in case of failed bank pre-validation: Click Re-Validate for the bank in the Failed Bank Accounts section.