October 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

ITR filing 2020-2021: Here’s how to pre-validate your bank account online for getting refunds on income tax

New Delhi: The deadline for filing Income Tax Returns (ITR) for the financial year 2020-21 has been again extended by the Central Board of Direct Taxes (CBDT) in a bid to provide relief to taxpayers. The new deadline for filing ITR has been shifted from September 30 to December 31, 2021. 

Tax payers will be filing the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21). (Also read: File your tax return for free using SBI YONO app; here’s how)

It may sometimes so happen that people’s income tax may be miscalculated, or their tax deducted at source (TDS) may go in excess. On such situations, tax filers can claim for a tax refund at the time of filing of ITR. After due delligence and verification, the IT department processes your tax refund.

In the above context, it is interesting to know that income tax filers can pre-validate their bank accounts for getting refunds on tax.

Here is a step by step guide on how to do it

Go to the income tax e-filing portal

Click ‘login here to pre-validate’

Enter your ID, password and captcha code

Go to your profile setting

Click ‘Pre-validate your bank account’

Click ‘Add’

Enter your bank account details and your contact details

Now click ‘Pre-validate’

Users must take note of the fact that they will need their bank account number, IFSC and bank name to properly pre-validate it. Also, their PAN card details, name, mobile number, and email address should also match with their bank account to pre-validate.

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