As the deadline for filing income tax returns (ITR) approaches on 31st July, it is crucial to ensure your bank account is validated to receive any tax refunds.
The Income Tax Department has emphasized the importance of this step to avoid delays or issues with refunds.
Filing returns at the last minute can increase the likelihood of mistakes, so it’s best to file early and ensure all details are correct.
Importance of Bank Account Validation
The Income Tax Department has alerted taxpayers via social media about the necessity of having a validated bank account for refunds.
Changes in bank account details, such as branch or IFSC updates, often require re-validation to ensure smooth processing of refunds.
This reminder aims to prevent any disruptions in receiving tax refunds due to unvalidated bank accounts.
Bank Account Validation Process
To validate your bank account online, follow these simple steps:
- Visit the Income Tax e-Filing Portal: Go to https://incometax.gov.in/iec/foportal/.
- Log In: Use your user ID and password to log in.
- Access Profile: Click on the profile section.
- Revalidate Bank Account: Select ‘Bank Account’ and then click on ‘Revalidate’. Update your account number, IFSC, account type, and then click on ‘Validate’.
Adding a New Bank Account
If you need to add a new bank account or replace an existing one, follow these steps:
- Log In to the Portal: Use the same portal mentioned above.
- Navigate to Profile: Click on the profile section.
- Manage Bank Accounts: Click on ‘My Bank Account’ to view added, failed, and removed bank accounts.
- Add and Validate New Account: Select the ‘Add Bank Account’ tab, enter the necessary details, and click on ‘Validate’.
You can add a new account and delete or revalidate old accounts at any time. Ensuring your bank account details are up to date and validated will help you avoid any issues with receiving your tax refund.
