The income tax filing season has started, and the last date to file Income Tax Returns (ITR) for individuals is 31 July 2023. Although July seems far, it is better to start preparing for ITR filing now. It takes time to do calculations, collect documents and list down deductions.
Amidst all these, you may forget to do one essential thing before filing your ITR, i.e. pre-validation of your bank account. Before filing ITR to receive a tax refund, you must pre-validate your bank account.
Why is it essential to pre-validate your bank account before filing ITR?
The Income Tax Department can deposit tax refunds in your bank account when you pre-validate your bank accounts.
An individual taxpayer can also use a pre-validated bank account to enable EVC (Electronic Verification Code) for e-verification. E-Verification can be used for e-proceedings, ITR and other forms, refund reissue and secured login to the e-filing account.
You need a valid PAN linked to your bank account for pre-validation purposes. The PAN must also be linked with the e-filing facility of the Income Tax Department.
Process to pre-validate your bank account
- Go to the Income Tax e-filing portal.
- Log in using Aadhaar or PAN number.
- Select ‘My Profile’ and click the ‘My Bank Account’ option.
- Select the ‘Add Bank Account’ option.
- Enter the necessary details, such as bank account number, account holder name, type, IFSC code, bank name, etc.
- Click the ‘Validate’ button to submit your details.
Once you submit the details, you will receive the validation status on your registered email ID and mobile number. When you submit the request for pre-validation of your bank account, it will be automatically sent to your bank. The pre-validation status will be updated in your e-filing account within 10-12 working days.
Process to check pre-validation status
- Go to the Income Tax e-filing portal.
- Log in using Aadhaar or PAN number.
- Click the ‘My Bank Account’.
- You will be able to view the pre-validation status of your bank account.
Pre-validating your bank account for ITR filing is simple and can be done in a few minutes. So, ensure that you pre-validate your bank account soon since the ITR filing season for FY 2023-24 has begun.
For any clarifications/feedback on the topic, please contact the writer at mayashree.acharya@clear.in
I am an Advocate by profession. I interpret laws and put them in simple words. I love to explore and try new things in life.
