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. The Income Tax Department (ITD) had previously announced that they will only issue e-refunds from 1st March 2019.
Steps To Prevalidate Bank Account Details
- Visit the Income Tax e-Filing portal
Log in to the Income Tax e-Filing Portal using valid credentials. Click on Profile Settings > Prevalidate Your Bank Accounts
- Prevalidate Form
A “Pre-Validate Form” will be displayed in case no accounts exist. If an account exists and you wish to add another one, click on “Add.”
- Prevalidate after entering the required details
Enter the required details such as PAN number, Name as in PAN, Bank Account Number, etc in the respective fields. The fields marked with a red asterisk are mandatory fields. Once the details are filled, click on “Prevalidate.“
Entering the E-mail ID is optional, but if you do so, it will be validated with the bank. The status of the request will be sent to the E-mail ID registered with the e-Filing Account. The status of the request can be viewed at the Prevalidate Bank Details page. If the validation process has failed, the information will be reflected on the same page. Furthermore, you can add/remove bank accounts after 24 hours of completing this process.
Additionally, the Electronic Verification Code (EVC) can be enabled for the validated bank account by validating the mobile number (Mandatory) and email ID (optional) with the bank. A taxpayer can use the ‘Enable EVC’ button for the same by selecting any one of the validated bank accounts from the list. EVC can be enabled for only one bank account at any point in time. In case the user tries to enable EVC for another valid account then, the EVC option will no longer be available in the existing account. The “Enable EVC” option is only applicable to individual taxpayers.
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.
The Income Tax Department (ITD) treats the ITRs filed but not verified as invalid. If an Individual doesn’t verify his/her ITR, It will be treated as if he/she has not filed the ITR for a particular assessment year. In order to complete the ITR filing process, an individual is required to verify it.