Income Tax Return (ITR): Individuals will soon begin submitting their tax returns for the financial year 2024-25. It is important to note that after filing an income tax return, validation is also required. One method of validation is through bank account verification.
Link a verified bank account
Taxpayers must link a verified bank account on the Income Tax e-filing portal to receive tax refunds (ITR Refund) and other payments from the Income Tax Department. If you have not yet added your bank account, you will need to update it accordingly, as your refund will be processed to this newly added account. Below is the procedure for adding a bank account.
How to do this work
First, visit www.incometax.gov.in and log in using your PAN, Aadhaar, or other valid personal credentials. If you are a new user, you will need to create a username and password before logging in. After logging in, enter the OTP sent to your registered mobile number to complete the process. Once logged in, navigate to the ‘Profile’ section, where you will find a dropdown menu with various options. Click on ‘My Bank Account’ under ‘Profile settings.’
Next, select ‘Add bank account’ and provide the necessary details, including the bank name, account number, account type (savings/current), IFSC code, and branch information. After entering all the details, verify their accuracy and click on ‘Proceed to submit the request.’
Once the bank account is added, it must be verified through net banking or by using an Electronic Verification Code (EVC). If both your bank account and mobile number are linked to Aadhaar, you can opt for the EVC method. An OTP will be sent to your mobile, which you will need to enter to validate your bank account.
After submitting the request, you can check the verification status in the ‘My bank accounts’ section. If the process is successful, the account status will display as ‘Validated’ and ‘EVC enabled,’ indicating that it is ready for e-verification of tax refunds and returns.