ALERT! Linking PAN with bank account mandatory to claim income tax refunds; all you need to know
Linking your PAN and Bank Account is a must given that the Central Board of Direct Taxes (CBDT) has clearly notified on Wednesday, 27th February 2019, that ‘Income Tax Department will issue only e-refunds from 01.03.2019.
- Linking your PAN and Bank Account is a must to claim Income Tax Return
- Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN
- Pre-validate your bank account by following the steps given below
with Bank Accounts in order to curb tax evasion as well as black money, besides ensuring that old pensioners and senior citizens get their Income Tax refunds directly in their accounts and there’s no scope of manipulation.
The decision to issue only e-refunds will also expedite the whole Income Tax Refunds process and is in line with the BJP led central government’s vision to transfer IT Refunds within 24 hours of filing IT Returns. The pop-up message on Income Tax India e-Filing portal regarding linking your PAN with your Bank Account urges taxpayers to link the two in order to ‘Get your refund directly, swiftly and securely in your bank account.’
Until now, the Income Tax Department issues Income Tax refunds in the form of account payee cheques or via direct transfer in the bank account. However, from tomorrow, i.e. 1st March 2019 onwards, the same will be transferred in bank accounts only and that too in those which are linked with the Permanent Account Number (PAN) of the taxpayer in question.
Although, majority of banks link customer bank accounts with their PAN via KYC, however, if your Bank Account is still not linked with your PAN, then you must provide your PAN details to your bank branch and request for the same.
You also need to pre-validate your bank account by following the steps given below:
Step 1: Visit the e-filing portal - incometaxindia.gov.in
Step 2: Login to your profile
Step 3: Go to Profile Settings
Step 4: Click on Pre-validate your Bank Account and fill your details!
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