What is a Pre-validate bank account means?
Pre-validate bank accounts means your bank account should be linked to your PAN card. Nowadays income tax department transferred Income tax refunds only electronically.
Taxpayers will receive their Income Tax Refund only if their bank account is linked with their PAN card (Permanent Account Number).
For the purpose of Income Tax Refund, you should “pre–validate” your bank account under the income tax e-filing website.
Is it mandatory to pre-validate?
Yes, it is mandatory to pre-validate your bank account to claim your income tax refund, then apart from filing income tax return (ITR), you might have to do one more additional step of pre-validating.
This is because the process of claiming income tax refund has been modified a bit by the tax department.
How I know My account is validated or not?
You can check on the income tax e-filing website using your income tax log in. Click the ‘Pre-validate Your Bank Account’ option under the ‘Profile Settings’ tab.
How to pre-validate bank account?
Step 1: Visit the income tax e-filing portal at www.incometaxindiaefiling.gov.in. and log in using your login credentials of income tax.
Step 2: Upon successful login, click on the ‘Profile Settings’ and choose ‘Pre-validate Your Bank Account’ option.
Step 3: Now, enter your bank account details such as:-
- Account number
- IFSC Code
- Mobile number
Note:- The PAN, Name, mobile number, and email address you provided with your bank account must match with that of those of your bank account to pre-validate successfully.
Hence, it is essential to keep in mind to link or update your PAN with your bank before pre-validating your bank account details under the e-filing portal.
You can also e-verify your ITR using validated Bank Account
e-Verification of the Income Tax returns must be done with the help of a 10-digit alphanumeric Electronic Verification Code (EVC) sent to your registered mobile number. There are four option available on the website for e-verification:
- Aadhar OTP
- Net Banking
- Bank Account
- Demat Account
Conclusion:- From this year, you will have to make sure that you have pre-validated your bank account in which you wish to receive the income tax refund once your return is successfully filed or when filing your ITR.