Don't forget to pre-validate bank account before filing ITR
2 min read . Updated: 03 May 2023, 11:48 AM IST
PremiumThere are high chances that you might end up losing your hard-earned money even after filing ITR with utmost carefullness. The main reason can be not pre-validating your bank account on e-filing portal. Know the step-by-step process for prevalidation of banks
The month for filing an income tax return (ITR) has begun, and there are high chances that even after doing all the calculations, submitting appropriate bills for claim settlements, and following all the necessary steps, you might loose your hard-earned money, if you failed to pre-validate your bank account before filing ITR.
It is important for all tax payers to pre-validate their bank account on the income tax e-filing portal before beginning to start the ITR filing process to ensure a hassle-free electronic refund of their money on time.
Other than pre-validation, it is important for taxpayers to link their bank account with their PAN card to file for ITR returns and get a refund.
Things to check before pre-validation on the e-filing portal
Before pre-validating your bank account on the portal, check the following criteria:
-You must be registered tax payers on the e-filing portal.
-You should have a valid bank account number, and you must have a valid IFSC code of your home branch.
-Your bank account must be linked with your PAN card.
Step-by-step process to pre-validate bank account
-Go to the income tax e-filling portal at www.incometax.gov.in.
-Use your log in details after opting for the ‘Login’ option on the website. People can also login with the help of their PAN card or Aadhaar card.
-After logging in, select the option ‘My Profile’ and opt for ‘My Bank Account’.
-As soon as you will click on the option of ‘My Bank Account’, select the option ‘Add Bank Account’.
-After selecting the option, you will see a window to fill in all the necessary details of the bank account you wish to add. Enter necessary details like bank account number, type of the account, name of the account holder, IFSC code, bank name, branch name, etc.
Other details like PAN number, email address, and mobile number will be auto-updated, once you fill in the previously mentioned bank details.
-Step 6: Click on the ‘validate’ button to submit the details of your bank account.
How to check the status of a pre-validation request?
-Visit the income tax e-filling portal at www.incometax.gov.in.
-Login with the ID and password, or with the help of Aadhaar or PAN details
-Click on ‘My Bank account’ option under the profile settings tab
-You will be able to see the status of your bank pre-validation request there. If you have pre-validated more than one bank, you can nominate a particular one.