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Income Tax Return Filing: The last date for filing returns (ITR) is approaching. If you have not filed your return yet, you should do so soon. It is not advisable to wait till the last minute to file the return. If a taxpayer has paid excess tax through advance tax or TDS, he will get a quick refund from the Income Tax Department. For which you have to verify your bank account.
Bank account pre-verification required
Pre-verification of bank account is necessary for correct processing of income tax refund. Which ensures that the information related to the taxpayer's bank account is correct. That page is also linked. Many times the IFSC or account number changes due to merger or acquisition of banks. So the information related to the taxpayer's bank account changes. Which is necessary to update, otherwise there may be a problem in refund. Experts say that it would be better to verify the bank account before filing the income tax return. This ensures refund.
What is the process to validate a bank account?
The process of validating the bank account is very simple. First of all you have to log in to the e-filing portal of the Income Tax Department (incometax.gov.in). Later you have to go to 'My Profile' and select 'My Bank Account'. Here you can add a new bank account or update the old account. For which you have to fill information like bank name, account number, PAN, IFSC. Later it has to be submitted.
Check if your information is valid
It is necessary to verify whether your bank account information is valid or not. For which you have to log in again on the e-filing portal. Go to 'My Profile'. Select 'My Bank Account' option, then on the screen you will see the list of bank accounts which are pre-verified and which you have selected for income tax refund.
Benefits of Pre-Verification
Bank account pre-verification ensures that the refund can be processed properly, refunds are issued by the Income Tax Department immediately after filing the income tax return. If you have verified your bank account, the refund money reaches your account immediately without any hassle. Many people's refund gets stuck, the main reason for which is not pre-validating the bank account.
