New Delhi: Government had in May this year announced that the due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 and 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.
Tax payers will be filing the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21).
How will this benefit you?
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. However, the refund is transferred electronically to your bank account. The account has to be linked to your PAN card (effective March 1, 2019.)
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 cptcha 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.
