ITR
Validating a bank account for the ITR refund
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Facts
Refunds are credited only to a bank account that is pre-validated on the e-Filing portal and linked to your PAN. You can add and validate accounts under My Profile.
Provisions and law
- Sec 244A, Income-tax Act 1961 (now Sec 437)Interest on delayed refunds is payable; delays caused by you can be excluded.
Analysis
Enter the account number and IFSC; the portal checks with the bank that the PAN and name match. If the bank merged and the IFSC changed, revalidate. Choose the account for refund before filing. An unvalidated account is the most common reason for refund failure.
Conclusion
- Open My Profile, then My Bank Account.
- Add the account and IFSC.
- Wait for validation status.
- Nominate it for refund.
- Revalidate if the IFSC changes.
A Savvy can do this for you
Income tax return for salaried and pensioners, ITR-1 (Sahaj)
₹999
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