ITR Refund: It is necessary for taxpayers to add a verified bank account on the Income Tax e-filing portal to receive tax refund and other payments from the Income Tax Department.
ITR Refund: Now people will soon file returns for the financial year 2024-25. Do you know, after filing the income tax return, it also needs to be validated. One way to do this is to validate through bank account (Bank Account Validation). Let us tell you that it is necessary for taxpayers to add a verified bank account on the Income Tax e-filing portal to receive tax refund (ITR Refund) and other payments from the Income Tax Department.
If your account is not already added, then you have to update your bank account in it. Your refund (Income Tax Refund) comes in this new bank account only. Let us tell you how to add a bank account.
Login to Income Tax Portal
First of all you have to go to www.incometax.gov.in and then log in using your PAN, Aadhaar or other valid personal credentials. If you are a new user, first you have to create your username password and then login with their help. Now enter the OTP sent to the registered mobile number to complete the login process. After logging in, go to the ‘Profile’ section, where you will find a drop down menu, on clicking which many options will open in front of you. Now you will see the option of ‘My Bank Account’ in ‘Profile settings’, click on it.
Add bank account details
After this, click on ‘Add bank account’ and then enter details like bank name, account number, account type (savings/current), IFSC code and branch information. After this, verify all the details filled and then click on ‘Proceed to submit the request’.
Verify the account
Once the bank account is linked, it needs to be verified through net banking or EVC (Electronic Verification Code) verification. If both your bank account and mobile number are linked to Aadhaar, you can choose the EVC option. You will receive an OTP on your mobile, which will validate your bank account once you enter it. After submitting the request, you can check the verification status by going to the ‘My bank accounts’ section. If successful, the account status will appear as ‘Validated’ and ‘EVC enabled’, which means it can be used for e-verification of tax refunds and returns.
Keep these things in mind
- Only a bank account validated on the tax website can be used to receive tax refunds.
- The PAN (Permanent Account Number) linked to this bank account should match the PAN on the income tax portal.
- Multiple bank accounts can be added, but the taxpayer has to select one primary account for refund.
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