Pre-validate the bank account within minutes to receive the income tax refund. here’s how
- To apply for an income tax refund, in addition to filing an income tax return (ITR), you must ensure that you have pre-validated your bank account
- In addition to the pre-validation, you must also link your PAN to your bank account
- Refunds will only be credited to PAN linked bank accounts pre-validated on the Electronic Income Tax Filing website.
New Delhi: If your bank account is not pre-validated on the income tax portal, you will not get the income tax refund because tax refunds are only credited to the linked bank accounts to PAN and also pre-validated on income tax. – deposit site. With the new income tax reporting site, you can easily check whether your bank account is pre-validated or not. If not, you can easily pre-validate it in just a few steps.
How to check if the bank account is pre-validated:
- Log into your account on the Income Tax Portal
- Click on the My Profile option, then select My Bank Account.
On the screen, you will see bank accounts, which are pre-validated. The bank account selected to receive an income tax refund on your behalf will also be displayed. If none of the accounts are pre-validated, you can follow a series of simple steps to pre-validate them to receive refunds.
How to pre-validate a bank account:
- Log into your account on the new Income Tax Portal
- Select the option My profile by clicking on your name
- Select “My Bank Account”, then select “Add Bank Account”.
- Fill in details like bank account number, account type, account holder type, IFSC
- Once the IFSC details are added, the bank name and bank branch contact details will be automatically added (check the details)
- You will also see the cell phone number and email address linked to your bank account on the screen.
- Click on the ‘Validate’ option
Once successfully validated, your bank account will be automatically added to your profile. You can then designate the account on the e-filing portal for an income tax refund. To check if the account is pre-validated or not, click on the three dots to the right of the box indicating the name of the bank, then select View bank details.
A dialog box will appear on the screen. It will contain information such as the date the validation request was submitted, whether the bank account is validated or not, and the date it was pre-validated.
How to check income tax refund status online:
You can check the income tax refund status on the National Securities Depository Ltd (NSDL) website, as well as the Income Tax Service e-filing portal.
1. On the NSDL website
- Go to the NSDL website to track the refund.
- The following web page will appear. Fill in the details including PAN and AY and click “Continue”.
- Your income tax refund status will be displayed, as shown in the following image.
2. On the electronic filing portal:
- Log in to the Income Tax Service e-filing portal by clicking here.
- Select Show Returns / Forms.
- Go to the “My Account” tab and select “Income Tax Returns”. Click submit.
- Click on the acknowledgment number.
- A page showing the details of your return as well as the income tax refund status will appear.
The refund is usually processed within one month of filing the RTI. After the refund processing is completed by the Central Processing Center (CPC), refunds are issued within 20-45 days. Refunds for taxpayers eligible for refunds up to Rs 5 lakh get direct bank credit within a week of processing refunds.
However, a delay is likely to occur if the taxpayer makes a mistake in completing the ITRs. Refunds are withheld in the event of a mismatch between the ITR and the details available from IT. If there is a question, the taxpayer must respond quickly.
In many cases, income tax refunds are not issued or are rejected due to simple errors such as providing incorrect bank details in the ITR form. In this case, check the bank details you mentioned in your RTI.