ITR deadline is extended to 31st August this year. You must be busy in filing income tax returns. However, some of you might be expecting an income tax refund. Income Tax Authorities have indicated that you need to pre-validate your bank account in income tax website in order to get an income tax refund into that bank account. This would take just 2 minutes time. In this article, we would provide step-by-step on how to pre-validate your bank account for getting an income tax refund. We would also provide the advantages of doing pre-validation of bank account on an income tax website.
Also Read: Which ITR Form should be used for FY2018-19 (A.Y.2019-2020)?
What is an income tax refund?
If you have paid excess income tax than actually payable, income tax authorities would refund your income tax. Currently income tax authorities have speed-up the process and the majority of the cases are refunded within 3 months time while others there could be delays. Here are same sample cases where an income tax refund is made
1) Bank deducted TDS on bank FDs, whereas in reality you are not required to pay income tax or required to pay less tax (as an example your taxable income is less than Rs 2.5 Lakhs)
2) Any tax adjustments pertaining to previous years to be done in the current year and you may get tax refnd.
3) You would have paid income tax in advance based on self assessment. However, after year end, your tax computation would have been lower and you are eligible for tax refunds.
4) Employer would have paid income tax, but employee claimed 80c deductions in the last minute before closure of the financial year that were not claimed with employer.
Why income tax refunds would get delayed?
There are several reasons why income tax refunds would get delayed. This includes having old bank account number, wrong address, erroneous deductions claimed, late filing of income tax returns, etc. If you are able to file income tax returns before 31st July and pre-validate your bank account, your income tax refunds could be faster.
How to Pre-Validate your bank account for income tax refund?
Here is the step-by-step on how to prevalidate bank account for tax refunds. Just ensure that such bank account should be linked to your PAN number before you follow this process.
1) Visit income tax filing website. https://www.incometaxindiaefiling.gov.in/home
2) Click on Registered Users Login Page Button. If you have not registered, you need to register first.
3) In the login page, enter your login ID (PAN number is your ID) and password and enter Capcha. Here is the screenshot on how it would look like.
4) Once you go your home page after login, go to “Profile Settings” and click on “Prevalidate your bank account”
5) If there are any pre-validated bank accounts (if this was done in earlier years), these would appear here. You can remove if you do not want them. If there is none or want to add new ones, you can go to next step.
6) Pre-Validate bank account screen would open. Screenshot shown below. You need to enter Bank account number, Account type (Savings, current etc.,), IFSC Code, Mobile number and email ID. Click “Pre-validate”.
7) You would get “Your request for bank account-PAN linking is submitted successfully and the transaction ID is xxxxxx. Status of your request will be sent to your registered email ID”.
The process is now completed and all income tax refunds would be sent to the bank account provided by you.
You may like: How to do e-verification after you file your income tax returns?
What are the advantages of Pre-validation of bank account in an income tax website?
Here are the main advantages.
1) You can receive income tax refunds into your pre-validated bank account
2) Can generate EVC for e-verification of returns/forms, password reset and secured login to the e-filing site.
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How to Pre-Validate your bank account for income tax refund
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Thanks for the article on how to Pre-validate the bank account. My Query is… I being an NRI …I has given by NRO account number here but the mobile number linked for this bank account is my international number which runs to more than 10 digits including the ISD codes. But number of digits is limited to 10 for the mobile number updation field.
you can try other options to pre-validate if this option is not working for you. Pls refer this article which has 6 more ways to everify your ITR. https://myinvestmentideas.com/2018/08/how-to-e-verify-income-tax-returns-itr-in-india/
Hi Suresh Ji,
Thanks for the inputs.
I have actually filed the returns again under 139(5) and enter the required details of challan and submitted.
Thanks again for your help, we really owe you a lot for your timely support.
good to hear this Prashanth
Thanks for the information.
I have the below query, can you please clarify?
I have paid Tax by clicking on e-Tax button and it displayed a message “You will be redirected to the NSDL website to pay the e-Pay tax. Do you want to save your ITR data? After e-payment of Tax, the details of amount paid , Challan No, BSR Code, etc.. should be filled in Schedule IT of ITR before submission of the return to claim the challan”.
I could not find the option of filling the Schedule IT of ITR with my challan no and BSR Code etc.. and I downloaded and submitted the returns with my prevalidated bank account. Can you please help how to find the schedule of IT and update it with my challan no and BSR code.
Thanks in advance
Hello Prashanth, After paying income tax through Challan 280 you need to show the tax paid in your ITR, If you have paid Self Assessment tax through Challan 280 fill in the details in Tax paid and make sure that your tax liability is 0 before submitting the return. Is this step completed before you clicked submit button?
Yes I have paid the e-tax through challan 280 but after that I could not find any option to make the liability as 0 so I submitted the return as it was. Can you please help me to link it now?
Hi Prashant, If you have made the payment, you would have Challen 280 details like Challan serial number, BSR code etc., while filing income tax returns and make sure your income tax liability is zero. can you please check your income tax returns mail what you would have received from Income tax efling site and see what is the tax in that? If there is tax liability, your tax payment is not through or done for wrong financial year. If it reflects zero tax liability, then you don’t need to worry