New Delhi: The last date to file Income Tax Return (ITR) for FY 2023-24 is July 31, 2024. After filing ITR, many taxpayers wait for their refunds. But even if you file your ITR, you might not receive refund if you fail to validate your bank account. Income Tax Department has informed taxpayers that having a validated bank account is essential for receiving refunds.
What is Account validation?
Account validation simply means confirming the ownership and details of a bank account. Under this, you have to verify that the bank account number and account details are valid. Only after this, the Income tax department will process your refund transaction.
Kind Attention Taxpayers!
✅Having a validated bank account is essential for receiving of refunds.
✅An already validated bank account will require re-validation after updation of account details consequent to change in branch, IFSC, Merger of bank, etc.
For Updating existing… pic.twitter.com/9DnuSMaYbP
— Income Tax India (@IncomeTaxIndia) June 4, 2024
Re-validating account
If you have previously validated your account then you might have to revalidate it. Especially, if your account details got updated due to a change in the branch, IFSC, Merger of the bank, etc. So, after validation, if there is a change in bank branch, bank account number, IFSC code, or your bank account is closed or becomes inactive then you will have to validate it again.
How to validate account new bank a/c
If you have not updated your new bank account account, then by following these simple steps you can update your bank account
Step 1: Visit https://incometax.gov.in/iec/foportal/
Step 2: Login
Step 3: Select Profile
Step 4: Choose My Bank Account
Step 5: Add Bank Account
Step 6: Select Validate.
To update/revalidate existing bank a/c:
If your bank account details have changed then you will have to update or re-validate them. To revalidate your bank account details on e-filing portal you have to follow these steps:
Please visit https://incometax.gov.in/iec/foportal/
Login
Go to profile
Choose Bank Account
Select Re-validate
Update Bank Account Details such as Account Number, IFSC, account type.
After some time, you will be able to check the validation status. After validating your account, nominate it for refund by activating the ‘Nominate for Refund’ option.
Income Tax department has advised taxpayers to validate or revalidate bank account details. Having a validated bank account is essential for receiving of refunds. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
