People will soon start filing returns for the financial year 2024-25. But do you know that after filing your income tax return, it also needs to be validated? One way to do this is through bank account validation. Taxpayers must add a verified bank account on the Income Tax e-filing portal to receive their ITR refund and other payments from the Income Tax Department. If your bank account is not already added, you need to update it. Your income tax refund will be credited only to this verified bank account. Here’s how you can add your bank account.
How to Validate Your Bank Account for ITR Refund
1. Log in to the Income Tax Portal
First, go to www.incometax.gov.in and log in using your PAN, Aadhaar, or other valid details. If you are a new user, you need to create a username and password first. After logging in, enter the OTP sent to your registered mobile number to complete the login process.
Now, go to the ‘Profile’ section. In the drop-down menu, click on ‘Profile Settings’,then select ‘My Bank Account’.
2. Add Your Bank Account Details
Click on ‘Add Bank Account’ and enter the required details:
- Bank Name
- Account Number
- Account Type (Savings/Current)
- IFSC Code
- Branch Information
Verify the details carefully and then click ‘Proceed to Submit the Request’.
3. Verify Your Bank Account
- Once the bank account is linked, it needs to be verified using Net Banking or EVC (Electronic Verification Code).
- If your bank account and mobile number are linked to Aadhaar, you can choose the EVC option.
- You will receive an OTP on your registered mobile number. Enter this OTP to complete the validation.
After submitting, check the verification status in the ‘My Bank Accounts’ section. If successful, the status will show ‘Validated’ and ‘EVC Enabled’,meaning it is now ready for e-verification of tax refunds and returns.
4. Important Points to Remember
- Only a validated bank account can receive tax refunds.
- The PAN linked to the bank account must match the PAN on the Income Tax portal.
- You can add multiple bank accounts, but you must select one primary account for refunds.