Income tax refunds are an essential part of the financial ecosystem, and it’s crucial to know the bank account to which the refund is directed. Many individuals may wonder how they can check or change the bank account mentioned for the income tax refund. This guide will walk you through the process of viewing and updating the bank account for income tax refund online.
Viewing the Bank Account: To check the account selected for the income tax refund, users can download their complete income tax return, where the chosen account will be clearly marked. For that, you have to login to your income tax account. After login , go to income tax returns – View returns filed. (See picture below):
Then select the button named ‘Download form’ corresponding to the return which you wish to check:
Once the pdf is downloaded, check the schedule of bank accounts. (just below the computation of income and taxes). The account selected for income tax return will show a tick mark against it. (see the photo below)
Now, if you wish to validate other bank accounts for your ITR?
In case users want to validate other bank accounts for their ITR, they must log in and follow specific steps to enable the ‘Validate’ option. First You need to go to your profile after income tax login. After Login, go to ‘My Bank Account’.
After Login, you will see various bank accounts linked to your account – Based on your PAN number or bank details entered in your previous ITR – like below:
Click on the above 3 dots and then enter the details:
On scrolling down and entering all details, the ‘Validate’ option will be enabled.
That way the bank account is validated.
Once the account is validated, then you have to again go to the second image above for all banks listed. And then you have to nominate the bank for refund.
That way the bank account is validated.
Once the account is validated, then you have to again go to the second image above for all banks listed. And then you have to nominate the bank for refund.
Conclusion
Managing income tax refunds online gives taxpayers the flexibility to view and change the bank account for their refunds. By following the instructions outlined in this guide, individuals can effortlessly check the designated account and make any necessary adjustments. This feature empowers taxpayers to have control over their finances and ensures a seamless experience in handling their income tax refunds. Whether it’s validating an existing account or nominating a new one, the process is made simple and user-friendly.
In case of any queries, do contact us at info@entrecap.in
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Disclaimer: The above article is for general education purposes on an open platform. It shall not constitute or mean or purport to mean actionable legal or professional advice in any manner. Readers are advised to speak specific professional advice before making a decision. Team Entrecap Business Services is in no way responsible for any action taken by anyone based on above answer
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