What if bank account is not pre validated? EXPLAINED
Income tax department recently instituted changes to its refund process, mandating that taxpayers pre-validate their bank accounts before filing returns in order to ensure refunds reach the appropriate account without issues in processing them. This article will walk you through how to pre-validate bank accounts using income tax e-filing portal.
Why Pre-Validate Your Bank Account?
According to new guidelines issued by the income tax department, refunds will now be directly deposited into bank accounts linked with PAN numbers that have been pre-validated on their e-filing platform. Without pre-validating it first, refunds would not reach you, creating any complications and necessitating that you follow these instructions on how to pre-validate it as quickly and successfully as possible.
First, log on to the income tax e-filing website using your PAN and password, select Profile Settings then “Pre-Validate Bank Account,” and click on “Pre-Validate Bank Account.” A new window will open with you providing your bank details such as account number, IFSC code and name of bank as well as mobile phone number and email address associated with it – these must match what was recorded by your bank; additionally PAN should also be associated with it before pre-validation starts. Once all this information has been entered the pre-validation process will commence and pre-validation begins automatically!
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Within hours, you will be informed if your bank account has been pre-validated by the income tax department and shown in your profile settings on the e-filing portal. They will also send an email alert directly to your registered email address informing them.
If the status is set to ‘Failed’, you will need to revalidate your bank account. To do this, visit the add bank account page again and select “Re-Validate” under Action column of each bank account that needs revalidating. After it is successfully revalidated, it will be added back into pre-validated list of pre-validated bank accounts and its status will change to “Validated”.Once your bank account has been pre-validated, it can be used for all future income tax filings, including claiming your refund. Furthermore, you’ll have access to your e-filing history and other important data. Pre-validation can be completed easily in just a few steps so don’t wait! Get started!
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