The deadline for filing income tax returns for the fiscal year 2022-2023 passed on July 31, with an impressive 6.77 crore ITRs filed for AY 2023-24.
However, a significant number of taxpayers across the country are currently eagerly anticipating their tax refunds. It’s important to note that only verified bank accounts are eligible to receive these income tax refunds.
In a recent tweet, the income tax department highlighted that previously validated bank accounts might need updating and re-validation due to changes in bank account details.
To ensure eligibility for an income tax refund, it’s imperative to have a bank account pre-validated. Moreover, a pre-validated bank account can also be used by taxpayers to enable the EVC (electronic verification code) for e-Verification purposes. This facility extends to various financial activities, including tax returns, submission of other forms, e-Proceedings, refund reissues, password resets, and secure login to an e-filing account.
Here’s a simple step-by-step guide to checking your bank account validation status on the e-filing portal:
Step 1: Visit http://incometax.gov.in and log in.
Step 2: Navigate to the Profile section.
Step 3: Click on ‘My Bank Account.’
Step 4: Proceed to either revalidate your existing bank account or add a new one.
Step 5: The status of your validation request will be sent to the mobile number and email address associated with your e-filing portal registration.
Stay updated and ensure your bank account is validated to avoid any delays in receiving your income tax refund.