Sunday, October 17, 2021

Still waiting for your income tax refund? Just filing ITR is not enough to get it

From the last Assessment Year, it has become mandatory to prevalidate bank accounts to get Electronic Service Credit (ECS) of your income tax refund in the account.

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.

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Here are the steps to prevalidate a bank account –

  • Log in into the incometaxindiaefiling.gov.in portal by entering your PAN, password and captcha code.
  • After logging in, select the ‘Prevalidate your Bank Account’ option under the profile setting tab.
  • In case no bank account is prevalidated, you have to enter enter the details of the bank account – account number, account type, IFSC and contact details i.e. mobile number and email ID – in which you want to get your refund amount credited and click on the ‘Prevalidate’ button.
  • If your PAN is seeded with the bank account in the bank database and if your name as per your PAN Card matches your name in the bank account, it will get prevalidated, provided your mobile No. and email ID, seeded with your bank account, also matches with your e-filing account-registered mobile number and email address.
  • In case one or more bank account(s) is/are already prevalidated, a list containing the prevalidated account(s) will open under the ‘Prevalidate your Bank Account’ option. If you want to get the income tax refund in some other account, you have to click on the ‘Add’ button and follow the prevalidation process to prevalidate it.

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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