From the final Assessment Year, it has turn out to be mandatory to prevalidate bank accounts to get Electronic Service Credit (ECS) of your revenue tax refund in the account.
In case you haven’t got the final year’s revenue tax refund quantity but, verify if the bank account, which you had chosen to get the refund, is prevalidated or not. This is due to the fact from the final Assessment Year (i.e. AY 2019-20) it has turn out to be mandatory to prevalidate bank accounts to get Electronic Service Credit (ECS) of your revenue tax refund in the account.
So, filing of your Income Tax Return (ITR) is not sufficient to get the revenue tax refund credited in your bank account, but you have to prevalidate the account, in which you want to get the quantity.
In case you have some tax refund in the present Assessment Year (AY 2020-21), make positive that the bank account you are going to pick in the ITR, to get the refund quantity credited, is prevalidated.
In case you have currently filed your return of revenue and chosen a bank account – which is not prevalidated – to get the refund quantity, you may perhaps nonetheless pay a visit to the incometaxindiaefiling.gov.in portal to prevalidate it.
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Here are the actions to prevalidate a bank account –
Log in into the incometaxindiaefiling.gov.in portal by getting into your PAN, password and captcha code.
After logging in, pick the ‘Prevalidate your Bank Account’ selection below the profile setting tab.
In case no bank account is prevalidated, you have to enter enter the information of the bank account – account quantity, account sort, IFSC and speak to information i.e. mobile quantity and e-mail ID – in which you want to get your refund quantity credited and click on the ‘Prevalidate’ button.
If your PAN is seeded with the bank account in the bank database and if your name as per your PAN Card matches your name in the bank account, it will get prevalidated, supplied your mobile No. and e-mail ID, seeded with your bank account, also matches with your e-filing account-registered mobile quantity and e-mail address.
In case a single or more bank account(s) is/are currently prevalidated, a list containing the prevalidated account(s) will open below the ‘Prevalidate your Bank Account’ selection. If you want to get the revenue tax refund in some other account, you have to click on the ‘Add’ button and adhere to the prevalidation method to prevalidate it.
Prevalidation of a bank account is also necessary, in case you want to e-confirm your ITR via Electronic Verification Code (EVC). This is due to the fact a prevalidated bank account may perhaps only be created EVC enabled to get the verification code/a single time password (OTP).