Receiving an income tax refund requires pre-validation of a bank account and matching of a PAN to the bank account to which the refund will be credited. This step is mandatory to undertake if you are a taxpayer who has an income tax due and failing to do so will halt your tax refund to get credited effectively. Apart from the pre-validation, a taxpayer also needs to verify that his or her PAN (Permanent Account Number) is linked with the bank account in which you want to receive the due amount. The Income Tax Department has earlier stated that from March 1, 2019, it will exclusively disburse e-refunds. Only those taxpayers whose bank accounts are linked to their PAN and have been pre-validated on the income tax e-filing website will get e-refunds only. So now let's know the procedure to pre-validate your bank account on the new Income Tax Portal online.
Steps to check whether your bank account is already pre-validated or not
By following the steps listed below, you can easily check whether your bank account
- Visit https://www.incometax.gov.in/iec/foportal and click on "Login" to sign in to your account.
- Under the "Login" section, enter your PAN (Permanent Account Number), Aadhaar Number or Other User ID only for Chartered Accountant, Tax Deductor and Collector, e-Return Intermediary, TIN 2.0 Stakeholders, External Agency, ITDREIN, ARCA (Authorised Representative Chartered Accountant) followed by 6 digit number.
- Click on "Continue" and you will be logged in to your account where you need to go to the "My Profile" section and then select the "My Bank Account" option.
- Now you will get a list of your added bank accounts which are already pre-validated. From the list of bank accounts, you can select an accou8nt of your choice to get an income tax refund by clicking on "Nominate for refund".
Steps to pre-validate your bank account
Follow the steps listed below in case you want to pre-validate a bank account or add a new bank account to get an income tax refund.
- Visit https://www.incometax.gov.in/iec/foportal and sign in to your account.
- Upon signing in to your account, click on the "My Profile" section and select the "My Bank Account" option.
- Now click on "Add Bank Account" and enter the required and mandatory bank account details such as Bank account number, Account type, Account holder type, IFSC code, Bank name and branch.
- Now click on "Validate" and upon successful verification of your provided details your bank account will be successfully validated and added under the list of your added bank accounts.
- Now select your newly added account and click on "Nominate for refund" for receiving an income tax refund.
Steps to check income tax refund status online
After lodging your income tax return (ITR) for a particular financial year, if you paid more tax than your overall tax due, you may be entitled for an income tax refund. However, you won't get your income tax refund until it is processed and verified by the Income Tax Department. As we discussed above that an income tax refund is directly credited to your bank account, you should double-check that you've entered the right bank account number and IFSC. After submitting an application for an income tax refund, you can check the refund status on the new income tax portal by following the steps listed below.
- Visit https://www.incometax.gov.in/iec/foportal and sign in to your account by using the required credentials such as PAN, Aadhaar etc.
- After signing in to your account, click on the 'e-file' option and select the 'Income Tax Returns' option.
- Now you need to click on 'View Filed Returns' and now you can check your filed returns till date.
- Against your latest ITR filed, click on "View Details" and you will get all the details of your income tax refund such as mode of payment, refund amount, date of clearance etc.