Avoid This Common Mistake In ITR Filing To Receive Your Tax Refund Promptly

New Delhi: The last day to fill the ITR is July 31st and till now more than 5 crore people have filed their ITR’s . While, many people miss out on getting a tax refund even after filing their Income Tax Return (ITR). The reason is a small oversight. According to the Income Tax Department, to receive a refund, your bank account must be linked to your PAN card and verified on the e-filing portal.

Many times, after filing an ITR, we realize that we have paid excess tax or more TDS has been deducted. In such cases, you can claim a refund for the extra deducted tax while filing the ITR. After you file the ITR, the Income Tax Department reviews your form and then processes your refund.

The refund now directly comes into your bank account linked to your PAN. However, to receive the refund, it is essential that your bank account is validated. According to the Income Tax Department, taxpayers must add their bank account on the e-filing portal or update the details of their existing bank account and get it verified.

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Before starting this process, ensure the following:

• Your PAN card should be linked to your active bank account.
• Your bank account should be linked to both your PAN card and your registered mobile number.
• Ensure that the mobile number registered with your bank account matches the number provided on the Income Tax portal.

Taxpayers will receive their income tax refund only if their bank account is linked to their PAN card. You need to ‘pre-validate’ your bank account by visiting the Income Tax e-filing website.

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How to add and pre-validate a bank account for ITR:

1. First, log in to the e-filing portal using your PAN card or Aadhaar card.
2. Go to the ‘My Bank Accounts’ page and click on ‘Add Bank Account.’
3. On the ‘Add Bank Account’ page, click the ‘Add Bank Account’ button.
4. Enter your bank account number, account type, and holder type.
5. Enter your IFSC code.
6. The bank name and branch will auto-fill once you enter the IFSC code.
7. If your bank is linked with the e-filing portal, your mobile number and email ID from your e-filing profile will auto-populate and cannot be changed.
8. Now, click on ‘Validate.’

The pre-validation process will complete automatically. Your banking information and request will be sent to your bank. The validation status will be updated on the website within 24 hours. You need to pre-validate your bank account by visiting the Income Tax e-filing website.

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