Income Tax e-Refund to be automatically credited to Bank A/c linked with PAN from 1st March’19

Income Tax e-Refund to be automatically credited to Bank A/c linked with PAN from 1st March’19:

The Income Tax (I-T) Department will issue tax refunds automatically to Bank A/c linked with PAN from March 1, 2019 of only those individuals who have linked their respective bank account number with the Permanent Account Number (PAN) card.

In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive tax refund.

Currently, the income tax refunds are being sent via two modes, bank RTGS/NECS and bank paper cheque. To get the income tax refunds via either of these facilities, the taxpayers have to submit the correct communication bank account number and MICR code of bank branch if they want to receive the through RTGS/NECS.

Income Tax (I-T) Department has asked Individuals to validate the bank account with the income tax department e-filing portal to receive the income tax refunds and the persons eligible for getting the income tax refunds will receive the refunds in the bank accounts which are linked to PAN following March 1, 2019. In case, the bank account is not linked with the PAN then an individual can validate the bank account with PAN through electronic verification code and net banking channels if the bank is integrated with the income tax e-filing portal.

The bank account can either be a savings account, current account, cash account or an overdraft account. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund.

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