Income tax refund: How to change bank account details?
Filing ITR can be a tedious task for many. Taxpayers should make sure that bank details are updated and validated to receive refunds on time.All registered taxpayers on the e-Filing portal (post-login) who have a valid PAN and a valid bank account can use the My Bank Account service. You can use this service to do the following:
Add a bank account and pre-validate it Remove a closed or deactivated bank account Nominate a validated bank account to receive Income Tax refund Remove a bank account from nomination so as not to receive tax refund in that account Enable or disable EVC for the validated bank account (only for individual taxpayers) Revalidate bank accounts for which pre-validation has failed
How to add bank account and prevalidate for refund
Step 1: Step 1: Log in to the e-Filing portal using your user ID and password.
Step 2: Go to the My Profile page from the Dashboard.
Step 3: Click My Bank Account.
Note: On the My Bank Accounts page, the Added, Failed and Removed Bank Accounts tabs will be displayed.
Step 4: Click on Add and Pre-Validate a Bank Account
Step 5: On the Add Bank Account screen, fill in the Bank Account Number, Account Type, and Holder Type, as well as the IFSC. Based on the IFSC, the bank name and branch are auto-populated. Your mobile number and email address will be pre-populated from your e-Filing profile and cannot be changed.
Step 6: Click Validate.
On successful validation, a success message is displayed. You will also receive a message on your mobile number and email ID registered on the e-Filing portal.
Once validation is successful, Taxpayer can nominate the bank account for refund. Note: While filing ITR, if user has a bank account with ‘Validation in progress’ status, same can be nominated for refund and ITR can be filed without waiting for confirmation. However, the refund, if any, will be credited only after validation is done by the bank.
How to nominate/select a bank account for refund
Step 1: Step 1: Log in to the e-Filing portal using your user ID and password.
Step 2: Go to the My Profile page from the Dashboard.
Step 3: Click My Bank Account.
Step 4: Click the Nominate for Refund toggle or switch for the bank account you want to designate for a refund in order to do so.
Step 5: Click Continue to confirm that you want to nominate the selected bank account.
On success, the switch will move to the right.
How to remove bank account from nomination from refund
Step 1: Log in to the e-Filing portal using your user ID and password.
Step 2: Go to the My Profile page from the Dashboard.
Step 3: Click My Bank Account.
Step 4: Click the Nominate for Refund toggle or switch (it will be on the right) for the bank account you want to withdraw from nomination to remove it from being considered for a refund.
Step 5: To delete the nomination of the chosen bank account, click Continue to confirm your decision.
On success, the switch will move to the left.
This story originally appeared on: India Times - Author:Tax Cognition
