Swati Desai
Most of the employees would have received Form 16 from the company and many would have started the ITR filing process as well. It is important to validate your bank account while filing ITR. In this regard, the Income Tax Department has advised to pay special attention. Because if one has a refund and there is a change in the ITR payer's bank account, the Income Tax Department faces difficulties in processing the refund and consequently faces difficulties in getting the refund. Therefore, special precautions are advised. Last date to file ITR is 31st July. But taxpayers should not wait for last days for ITR. According to experts, last minute filing of ITR is more prone to errors.
Bank account must be validated to get refund from income tax account. Taxpayers bank account statement changes due to some reasons. Job change, city change etc. So the bank changes, sometimes the branch of the bank, sometimes the IFSC code of the bank changes. Often the two accounts also have different statements. In such a case, the taxpayer needs to revalidate the bank account. Income tax department has given information in this regard on social media. It is also directed to check the validation status on the e-filing portal to facilitate the refund process.
Bank account validation process
Tax payers can validate the bank account online. Its process is very simple. For this you have to go to the Income Tax Department website. After logging in with the help of user ID, password, click on profile. After that you have to select the bank account and click on 'Revalidate'. Then after updating account number, IFSC, account type click on 'Validate'.
Procedure for adding a new bank account
To mention the new account in ITR one has to go to the Income Tax Department website. Click on Profile and then click on My Bank Account. You will see tabs like Added, Deleted, Removed Bank Account. To add a new account, one has to select the Add Bank Account tab. Then click on Validate. That means you can add new account to your profile and delete old account at any time. Old account can also be validated.
