PAN should be linked with the e-filing facility of the Income Tax Department.
Pre-verification will make it possible for the Income Tax Department to credit any tax refund to your bank account.
income tax return filing: People have started filing their ITR. The last date for timely filing of ITR for FY 2022-23 is 31st July. In the midst of juggling all your pay slips, deductions and other financial data, one thing might cross your mind – pre-validating your bank account. If you forget to pre-validate your bank account before filing ITR, you may not get any tax refund. Scroll down to know all about how to pre-verify your bank account.
Why is it important to pre-validate your bank account before filing ITR?
It is necessary to pre-validate your bank account before starting the process of ITR filing. Pre-verification will make it possible for the Income Tax Department to credit any tax refund to your bank account.
“The pre-verified bank account can also be used by the individual taxpayer to enable EVC (Electronic Verification Code) for e-verification purposes. E-verify can be used for income tax returns and other forms, e-proceeding, re-issuing refunds, resetting passwords and secure login to e-filing account,” reads a notice on the IT department’s website .
(Reading: Filing ITR 1 Sahaj FY 2022-23 made easy,
For pre-verification purposes, you must have a valid PAN linked with your bank account. PAN should be linked with the e-filing facility of the Income Tax Department.
How to pre-validate your bank account?
- Go to incometax.gov.in.
- Log in using your Aadhaar or PAN number.
- Select ‘My Profile’ and click on ‘My Bank Account’.
- Select the option ‘Add Bank Account’.
- Enter the required details like account number, type, account holder name, IFSC code, bank name etc.
- Click on the ‘Validate’ button and submit your details.
Once you complete the process, the verification status will be sent to your registered email ID and mobile number. If the process fails, you can resubmit your account for pre-verification.
Once you submit the request for pre-verification, it is automatically sent to your bank. The status will be updated in your e-filing account within 10 to 12 working days.
Steps to Check Pre-Verification Status:
- Go to incometax.gov.in and log in using your PAN or Aadhaar details.
- Click on ‘My Bank Account’.
- You will be able to see the pre-verification status of your account.
read all latest business news, tax news And stock market update Here