If you are going to file income tax return, then you have to take care of your bank account validation. The Income Tax Department has asked taxpayers to take care of this. The deadline for filing income tax return is 31st July.
Taxpayers should not wait till the last minute to file returns. Experts say that filing returns at the last minute increases the chances of mistakes.
The Income Tax Department has cautioned taxpayers through social media
To get a refund from the Income Tax Department, it is necessary for your bank account to be validated. Many times the details of a person’s bank account change. The branch or IFSC of the bank changes. Sometimes the account details change due to differences between two banks. In such a situation, the taxpayer will have to re-validate the bank account. The Income Tax Department has posted about this on social media X. It has been said that a validated bank account is necessary to get a refund. It has also been asked to check the account validation status on the e-filing portal for ease of refund.
Also Read: Gift Tax in India: Do you have to pay tax on gifts received on birthday or marriage? Know these important rules
Bank account validation process
Taxpayers can validate bank account online. Its process is very easy. For this you have to go to https://incometax.gov.in/iec/foportal/. After logging in with the help of user ID and password, you have to click on profile. Then after selecting ‘Bank Account’, you have to click on Revalidate. You have to update the account number, IFSC, account type and then click on Validate.
Process to add new bank account
For this, you have to log in to the portal mentioned above. Then click on profile. Then click on my bank account. This will show you the tabs of added, failed and removed bank accounts. You have to select the add bank account tab. Then click on validate. Know that you can add a new account and delete the old account at any time. You can also validate the old account.
