Filing Income Tax Return: As per the regulations of the Income Tax Department, possessing a pre-validated bank account is essential for receiving income tax refunds. Moreover, individual taxpayers have the option to utilize a pre-validated bank account to enable Electronic Verification Code (EVC) for e-verification.
New Delhi: The final date for filing income tax returns for the financial year 2023-2024 is drawing near. In this rush to file their ITRs quickly, many people make numerous errors, potentially facing substantial losses. Let’s elaborate on the essential points you should consider while filing your ITR.
It is necessary to have a pre-validated bank account
As per the regulations of the Income Tax Department, it is mandatory to have a pre-validated bank account to receive income tax refunds. Furthermore, individual taxpayers can utilize a pre-validated bank account to activate Electronic Verification Code (EVC) for e-verification.
E-verification can be utilized for income tax returns and other forms, e-processing, reissuing refunds, resetting passwords, and securing logins for e-filing accounts. Successful pre-validation requires the taxpayer to have a registered valid PAN linked with e-filing and an active bank account.
Mobile number and email registered with e-filing portal required
During the status of an account verification request, notifications are sent to the taxpayer’s registered mobile number and email ID with the e-filing portal. In the event of verification cancellation, details are shown under inactive bank accounts.
For inactive bank pre-validation cases, the verification for inactive bank accounts can be resubmitted: proceed to the bank verification in the inactive bank accounts section and select the account with the ‘verification in progress’ status.
It may take so many days
It’s worth mentioning that the account verification process operates automatically. After your request, it’s dispatched to your bank, where it undergoes verification. The complete procedure usually spans between 10 to 15 days.
How to do account verification
First of all, visit the Income Tax Department portal https://incometax.gov.in/iec/foportal/; then login by entering your details and click on the ‘Profile’ section;
Then select the ‘Bank Account’ option and click on ‘Re-Validate’
Update bank account details like account number, IFSC code, account type etc., click on ‘Validate’.
How to add a new bank account: After this your verification process will start.
This is the last date to file ITR
It’s worth mentioning that the Income Tax Department has designated July 31, 2024, as the final date for filing income tax returns for the financial year 2023-24. It’s advisable to complete your ITR filing before this deadline.
