ITR 2024: Why bank account validation is necessary for income tax refund

The Income Tax Department has an important update. It has asked taxpayers to validate or re-validate their bank accounts on e-filing portal to ensure smooth income tax refund (ITR).

A validated bank account is essential to receive an ITR. An already validated bank account will need re-validation due to a change in branch or IFSC, a bank merger, etc.

Taking to X, Income Tax department on Tuesday, June 18, said, "Kind Attention Taxpayers! A validated Bank account is necessary for receipt of refunds. Please check bank a/c validation status on e-filing portal for smooth refunds!"

ITR 2024: How to add a new bank account

• Visit https://incometax.gov.in/iec/foportal/
• After logging-in, go to the 'Profile' section at the right top corner
• Go to 'My Bank Account'
• Add a new bank account
• Click on validate.

IT refund: How to re-validate existing bank account

• Visit e-filing portal https://incometax.gov.in/iec/foportal/
• Click on Profile after logging in
• Go to ‘My Bank Account’ and click Re-validate
• Update details like IFSC, a/c type, etc
• Click on validate.

After validation, bank account details in the database will reflect one of the following four types: Failure, success, success with a remark or pending for validation.

Why can bank account validation fail?

• PAN not linked with bank account: The permanent account number (PAN) must be linked to the bank account. After the PAN-bank account link, click re-validate to submit the request. Taxpayers can contact their branch for further information.

• PAN mismatch: Linking the correct PAN with the bank account is important.

• Invalid account type: If this message appears, one can click re-validate and select the correct bank account type. After this, submit the validation request.

• Invalid account type: Users must enter the correct Indian Financial System Code (IFSC) code and submit the validation request.