When a taxpayer pays excess tax in a financial year by way of excess tax deducted at source (TDS) or wrong calculation in income tax, the income tax department refunds the excess amount. The refund is processed after verifying the taxpayer’s files and his Income Tax Return (ITR).
Refund is credited to the assessee’s bank account at the time of filing ITR.
Note that the Income Tax (IT) department processes the refund only in the bank account that is linked to the PAN. The bank account in which you want the refund and your PAN should be pre-validated in the new income tax e-filing portal. If not done, your refund, if any, will not be complete.
How to pre-validate bank account
You can pre-validate your bank account under ‘My Profile’ tab in your account on IT Portal.
While entering the details, ensure that the PAN and mobile number provided by you in the IT portal is the same as with your bank. If it is not, it is recommended that you update the details with your bank first. Discrepancy in details may delay your refund.
The verification status is displayed in your account over the next few days after the request is made. If the verification request is declined, it is displayed under the ‘My Profile’ tab and you can request again.
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