A reminder to all the Tax return preparers and the assessees filling your ITR of a very imp Income tax related update brought about for ITR Filing for FY 18-19 onwards.
From March 1, 2019, the I-T department has started issuing income tax refunds only through e-mode. The new rule means that the earlier practice of sending tax refund cheques through Speed Post has been done away with.
In response to the above development, assessees are required to pre-validate their bank account with the income tax e-filing portal to receive tax refund.
Online procedure to pre-validate bank account is as follows:
1. Visit the Income tax e-filing portal i.e. https://www.incometaxindiaefiling.gov.in/home
2. Click on the ‘Login’ option and enter your login credentials.User ID is your PAN.
3. Upon logging in successfully, click on ‘Profile Settings’ and choose ‘Pre-validate Your Bank Account’ option.
4. Now, enter your bank account details such as account number, IFSC, bank name, and contact details.
5. Upon clicking ‘Pre-validate’ button, you will be redirected to a screen that says, “Your request for pre-validating bank account is submitted.
6. Status of your request will be sent to your registered email ID and mobile number.
7. If the bank account validation is successful, it will display as “Validated” in the Pre-validation tab.