The month of Income Tax Return (ITR) filing has begun, and there is a strong possibility that even after doing all the calculations, raising the proper bills for claim settlement and following all the necessary steps, you may not be able to pay your dues. You may lose your hard earned money if you have not pre-validated your bank account before filing ITR.
To ensure hassle free electronic withdrawal of your money on time, it is important for all taxpayers to pre-validate their bank account on the Income Tax e-filing portal before starting the ITR filing process.
Apart from pre-verification, it is important for taxpayers to link their bank account with their PAN card for filing ITR returns and getting refunds.
Things to be checked before pre-verification on e-filing portal
Before pre-verifying your bank account on the portal, check the following criteria:
You must be a registered taxpayer on the e-filing portal.
You must have a valid bank account number, and you must have a valid IFSC code of your home branch.
Your bank account should be linked to your PAN card.
Step-by-step process to pre-validate a bank account
Visit the Income Tax e-filing portal www.incometax.gov.in.
Use your login details after selecting the ‘Login’ option on the website. People can also login with the help of their PAN card or Aadhaar card.
After logging in, select the option ‘My Profile’ and select ‘My Bank Account’.
As soon as you click on the option of ‘My Bank Account’, select the option of ‘Add Bank Account’.
– After selecting the option, you will see a window to fill all the required details of the bank account you want to link. Enter the required details like Bank Account Number, Account Type, Account Holder Name, IFSC Code, Bank Name, Branch Name, etc.
Other details like PAN number, email address and mobile number will be automatically updated once you fill in the bank details mentioned earlier.
Step 6: Click on the ‘Validate’ button to submit your bank account details.
How to check the status of pre-verification request?
Visit the Income Tax e-filing portal www.incometax.gov.in.
Log in with ID and password or with the help of Aadhaar or PAN details
Click on the option ‘My Bank Account’ under the Profile Settings tab
You will be able to see the status of your bank pre-validation request there. If you have pre-verified more than one bank, you can nominate a particular bank.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.