look news india
ITR filling: The date for filing income tax returns is slowly approaching. Most salaried employees have already received Form 16 from their employers after June 15, so now they can easily start the process of filing income tax returns. Although the last date for filing ITR is July 31, but if you complete this work early without waiting for the last date, then you will benefit.
The sooner you file your ITR, the sooner you will get your refund. But here you have to understand one more thing. If you want your income tax refund amount to be deposited directly into your bank account without any hassle, then you have to complete some important tasks from now onwards.
How will the refund go directly into the bank account?
When any person files his income tax return, the income tax department verifies it. If all the information provided by the taxpayer is correct and tax refund is issued as per the calculation, the department starts the process of transferring the amount to the taxpayer's bank account.
Verification or validation of the bank account details given by the taxpayer to the Income Tax Department is required to credit the refund money into the account. If the taxpayer's account details are not correct or the account is not valid, the refund money will not be credited to his account.
It is necessary to validate the bank account
To get tax refund without any delay after filing income tax return, taxpayers can check in advance that their bank account details with the Income Tax Department are correct and the account should be valid. Those whose bank account is not valid can do so online by visiting the e-filing portal of the Income Tax Department.
Registration is required to validate the bank account
One has to register on the e-filing portal before validating the bank account. If you are already filing income tax returns, you need to register on the e-filing portal.
Apart from this, you can validate the same bank account online by visiting the e-filing portal of the Income Tax Department in which your bank account will be linked with Permanent Account Number i.e. PAN. For online verification, you must have all the details related to your bank account including IFSC code.
How to verify new bank account
, https://incometax.gov.in/iec/foportal/ go to
• After logging in, click on 'Profile'
• Click on 'My Bank Account'
• After clicking on 'Add Bank Account' tab, fill in all the details related to your bank account.
• After this click on 'Validate'.
•Complete the following process for account verification.
One time verification required…
Generally, once a bank account is verified, it does not need to be verified again. But in certain circumstances, the need for re-validation may arise.
• If the taxpayer's bank account branch or address has changed.
• If the IFSC code of the taxpayer's bank has changed.
• If the bank details have changed due to merger of two banks.
If a taxpayer wishes to receive the tax refund amount in a new bank account, he will still have to fill in the new account details and get it revalidated.
How to update your bank account
, https://incometax.gov.in/iec/foportal/ go to
• Log in and click on Profile
• Select 'Bank Account' and click on 'Revalidation'
• Update bank account by filling new details or new bank account details
• Complete the next process by clicking on 'Validate'
You can change or update your bank account details at any time. But remember to verify the account after every change. Otherwise, you may face problems or delay in getting your tax refund.
