By Nandini Das
CNBC-TV18.com
Published July 11, 2024
When submitting an ITR, efficiency is essential. Pre-validating bank accounts is an often-ignored step that can help speed the process along with expediting tax refunds. Let’s take a loot at how to pre-validate bank accounts:
Pre-validating a bank account entails attaching it to your PAN (Permanent Account Number) and confirming it with the Income Tax Department. Once the bank account is pre-validated, tax returns are handled more quickly, simplifying future transactions with the Income Tax Department.
Step 1: Log in to e-filling portal
Step 2: Go to ‘Profile Settings’
Step 3: Select ‘Pre-validate Your Bank Account’ option
Step 4: Enter bank account number, IFSC code and other required details accurately ensuring it matches with those linked to PAN card
Step 5: Submit the request for validation.
Confirmation will be received once the request is processed.
Double-check all details and after approved, verify the status on the site to ensure it’s active.
The status may be verified by logging into the e-filling portal. Go to ‘My profile’ and ‘My Bank Account’ can be selected from the left pane. The screen will show the list of bank accounts that are pre-validated and the ones you have selected for receiving income tax refunds..
During tax season pre-validated accounts can help speed up the refund process while also reducing the difficulties associated with inaccurate bank date.