One of the most important tasks for an income earner is to file income tax returns (ITR) on time. Filing your ITRs late can take away several benefits from you as a taxpayer. Apart from missed benefits, taxpayers may also me required to pay fines for not filing returns on time.
The Centre has extended the deadline to file income tax returns for FY 2019-20 to 30 November 2020 and tax audit deadline from 30 September 2020 to 31 October 2020.
There is always a possibility of an individual’s income tax being miscalculated or their tax deducted at source (TDS) calculated in excess.
The Income Tax department can validate the authenticity of your tax filings and issue a refund. Pre-validating your bank account will help in this process, to issue the refund electronically. The account has to be linked to your PAN card.
How to Pre-Validate Your Bank Account for ITR
- Go to the income tax e-filing portal
- Click 'login here to pre-validate'
- Enter your ID, password and captcha code
- Go to your profile setting
- Click 'Pre-validate your bank account'
- Click 'Add'
- Enter your bank account details and your contact details
- Now click 'Pre-validate'
Individuals will require their bank account number, IFSC and bank name to properly pre-validate it.
The individual’s PAN card details, name, mobile number, and email address should also match with their bank account to pre-validate.
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