When looking forward to a income tax refund, it becomes imperative to ensure that your bank account information remains current and validated. This comprehensive guide will lead you through the steps required to confirm the validation status of your bank account for refund processing. Additionally, we will offer guidance on what actions to undertake in scenarios where your bank undergoes changes or your account necessitates revalidation.
- Bank Merger or Branch Change:
– If your bank recently merged with another or your branch has changed, updating your bank account details on the e-filing portal is crucial to ensure your refund reaches the right destination.
- Account Number or Name Change:
– If your account number or account holder’s name has changed, promptly update these details on the e-filing portal to prevent any income tax refund-related issues.
- Account Closure or Inactivity:
– For closed or inactive bank accounts, make sure to update your active bank account information on the portal to receive your refund without delays.
- IFSC Code Change:
– In case the IFSC code of your bank account has changed, updating this information is vital to avoid any disruptions in receiving your refund.
- Updating/Revalidating Bank Account Details:
– Log in to https://eportal.incometax.gov.in
– Go to Profile > My Bank Accounts
– Click on the three vertical dots
– Select Revalidate and make the necessary changes to your data
– Click the Validate button
- Adding a New Bank Account:
– Log in to https://eportal.incometax.gov.in
– Go to Profile > My Bank Accounts
– Choose Add Bank Account and provide the required details
– Click the Validate button
- Checking Validation Status:
– After updating, verify the status of your bank account validation. It should be marked as “Validated” to ensure a smooth refund process.
- Nominate for Refund:
– Once your bank account status is “Validated,” remember to nominate it for a refund by enabling the ‘Nominate for Refund’ button. This ensures your refund is credited to the correct account.
- Failed Validation:
– If your bank account validation fails, you can remove that bank account by clicking on the three vertical dots on the “My Bank Accounts” screen.
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