If any taxpayers mistakenly calculated the income tax paid in surplus or have an excess tax deducted at sources, no worries. Now, individuals who are yet to be prepared for ITR filing can get a refund of the estimated amount by claiming a refund while filing an income tax return. Although, the income tax department will confirm and verify your returns and will process a refund. However, the refund will only be transferred electronically to your bank account which has to be linked with your PAN, this rule has been implemented and is in effect from 1 March, 2019. Ultimately, if you want your refund to be successful, you must pre-validate your bank account on the income tax e-filing portal at the time of return filing.
Here is a step-by-step guide on pre-validating your bank account for a hassle-free and secure e-refund-
How to pre-validate your bank account
Step 1: Go to http://www.incometaxindiaefiling.gov.in and log in to your account. The user ID to enter your account is your PAN number.
Step 2:Second step after logging in is to click on Profile Settingstab in your account and then select ‘Prevalidate your bank account’ option.
Step 3: In case any of your bank accounts is already pre-validated, you can see it on your screen. Likewise, if you don’t have a pre-validated account or you if you want to receive the income tax refund in a different bank account, then click on ‘Add’.
Step 4: A fresh page will open and you will have to enter basic details: bank account number, account type, IFSC, bank name, bank branch and your mobile number and email ID.
The mobile number and email ID to be provided here must be the same as mentioned in your bank records.
Step 5: Click on ‘Pre-validate’. Once clicked, this message will appear on your screen&Status of your request will be sent to your registered email id and the mobile number”.