For income tax refunds, check if your bank account is linked to PAN. Here’s how1 min read . Updated: 01 Mar 2019, 09:21 AM IST
- The Income Tax department wants you to link your PAN with your bank account and also validate it online
- The I-T department will issue only e-refunds to bank accounts which are linked to PAN card from today
NEW DELHI : After making it mandatory to link your PAN card with your Aadhaar for filing income tax returns (ITR), the Income Tax department has now also made it mandatory to link your bank account with your PAN card for receiving income tax refunds.
It is likely that you might have already provided your PAN number to your bank while opening the account, but in case you haven’t then you will not get income tax refunds, according to a communication by the I-T department to taxpayers.
The I-T department will issue only e-refunds to bank accounts which are linked to PAN from today, it said. Your bank account can be savings, current, cash or an overdraft, but it has to be linked with PAN.
So far, tax refunds were issued in two ways – either directly transferred to the bank accounts of taxpayers or through cheques. Now the department is doing away with the procedure of mailing tax refund cheques.
The Income Tax department now wants you not just to link your PAN with your bank account but also validate it over the income tax e-filing website.
How to check if your bank account is linked to PAN:
To check if your bank account is linked to your PAN, log in to the income tax e-filing portal with your user ID and password, go to your profile setting where you will find the option to pre-validate your bank account.
If not done already, the pre-validation can be accomplished easily by providing your bank account name, number and IFSC code.
If your bank is integrated with the e-filing portal, pre-validation will be done directly through EVC and net banking route. If your bank is not integrated, then the income tax department will validate the bank account from the details provided by you.
If you find that your PAN is not linked, then provide your PAN details to your bank branch.