CBDT Advises Taxpayers to Validate or Re-validate Bank Details for IT Refunds

The income tax department has reminded the validation and re-validation of the bank accounts to facilitate the income tax refunds. It repeated that maintaining an updated bank account is critical, specifically in circumstances changes such as branch modifications, alterations in IFSC codes, or bank mergers.

The council quoted that ignore if not applicable to you.’ The department has expressed it via its ‘X’ official account.

The department’s words are cited as follows-

“Kind Attention Taxpayers!

Having a validated bank account is essential for receiving of refunds. An already validated bank account will require re-validation after updation of account details consequent to change in branch, IFSC, Merger of bank, etc.”

Validate or Revalidate Account Steps

To streamline updating the current bank account information, taxpayers are recommended to comply with the easier process shown via the income tax department.

For those who are required to update the details of their existing bank account-

• Visit the income tax department’s official website: https://incometax.gov.in/iec/foportal/
• Log in to your profile.
• Navigate to the “Choose Bank Account” option.
• Select the “Revalidate” option.
• Update the necessary bank account details such as account number, IFSC code, and account type.
• Validate the updated information.

Recommended: Full Process of Income Tax Return Filing without Software

In matters where taxpayers wish to add a new bank account:

• Visit the income tax department’s official website: https://incometax.gov.in/iec/foportal/
• Log in to your profile.
• Proceed to the “My Bank Account” section.
• Choose the “Add Bank Account” option.
• Validate the new bank account details