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Taxation Central Ministry of Finance Income Tax Act, 1961

Advisory on Validating Bank Account Details for Refund

13-Sep-2023 | NA

Income Tax Department has released an Advisory regarding the validation of bank account details for tax refunds. Please take note of the following:

Have there been any changes in your bank account?

Bank merger
Change of bank branch
Alteration in the bank account number
Change in the name on the bank account
Bank account closure or inactivity
Alteration of the IFSC Code
If any of the above applies to you, it is imperative to update or revalidate your bank account details on the e-filing portal.

1. Steps to Update/Revalidate 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'
Make the necessary changes in the data for updating details
Click on 'Validate' button

2. For Adding a New Bank Account:

Log in to https://eportal.incometax.gov.in.
Go to Profile > My Bank Accounts
Select Add Bank Account
Fill in the required details.
Click on 'Validate' button
After a short while, you can check the status of your bank account validation.

Once the status changes to Validated, remember to nominate it for refund by enabling the Nominate for Refund button.

If the bank account validation fails, you can remove that bank account by clicking on the three vertical dots on the My Bank Accounts screen.

Please ensure that only bank accounts linked with your PAN are validated and nominated for a refund. Refunds cannot be credited to bank accounts not linked with PAN.

Upgrade to paid version to access the Notification, Circular & Rules along with the checklist

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