In case you haven’t got the last year’s income tax refund amount yet, check if the bank account, which you had selected to get the refund, is prevalidated or not. This is because from the last Assessment Year (i.e. AY 2019-20) it has become mandatory to prevalidate bank accounts to get Electronic Service Credit (ECS) of your income tax refund in the account.
So, filing of your Income Tax Return (ITR) is not enough to get the income tax refund credited in your bank account, but you have to prevalidate the account, in which you want to receive the amount.
In case you have some tax refund in the current Assessment Year (AY 2020-21), make sure that the bank account you are going to select in the ITR, to get the refund amount credited, is prevalidated.
In case you have already filed your return of income and selected a bank account – which is not prevalidated – to get the refund amount, you may still visit the incometaxindiaefiling.gov.in portal to prevalidate it.
New Format of ITR-V: Know how advantageous, disadvantageous it’s for you
Prevalidation of a bank account is also needed, in case you want to e-verify your ITR through Electronic Verification Code (EVC). This is because a prevalidated bank account may only be made EVC enabled to receive the verification code/one time password (OTP).
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