It’s that time of the year when we need to file our income tax returns (ITR), and here’s a heads-up on something important.
If you’ve done all your calculations, and followed all the necessary steps, that’s great! But there’s one crucial thing you shouldn’t forget - pre-validating your bank account before filing your ITR.
Imagine going through all the trouble of getting everything in order, only to end up losing your hard-earned money just because you missed this step.
Pre-validating your bank account is important because it ensures that when the income tax department processes your refund, it goes straight into your account without any hassles.
You will receive their income tax refund only if your bank account is linked with your PAN (Permanent Account Number). For this purpose, you should “pre-validate your bank account” on the Income Tax e-Filing portal.
Benefits of validating your bank account
- Receive the Income Tax Refund directly into your bank account through ECS (electronic credit service) facility
- Online e-verification of your income tax return through EVC (Electronic Verification Code)
Type of bank accounts that can be pre-validated
- Saving Bank Accounts,
- Current Accounts,
- Cash Credit Accounts,
- Over Draft Account,
- NRO Account
Can I validate and nominate multiple bank accounts for refund?
Yes. You can pre-validate multiple bank accounts, and can nominate more than one bank account for Income Tax refund.
Can I raise a refund reissue request if my Bank Account is not pre-validated?
No. You can only proceed if your selected Bank Account is pre-validated.
If your selected bank account is not validated, and your ITR is filed, you can pre-validate the Bank Account online through the e-Filing portal before the processing of the ITR is completed.
Alternatively, you can validate it offline through the ECS mandate Form. Follow the steps below to validate your Bank Account offline:
- Download ECS mandate form.
- Take print out of the form and fill the necessary details.
- Get the form signed with bank seal from official Bank.
- Upload the scanned copy of signed form.
Read more about How to Prevalidate Bank Account Details on Income Tax Portal - Learn by Quicko