New Income Tax Refund Rules: The income tax department has introduced a new rule this assessment year, making it mandatory to link your bank account with your PAN card to receive tax refunds. Previously, only linking PAN with Aadhaar was required for filing income tax returns (ITR). The new rule eliminates the practice of sending tax refund cheques via Speed Post, with refunds now being issued solely through e-mode. Taxpayers without a linked bank account may encounter difficulties in receiving their refunds. How can individuals ensure compliance with this new requirement?
From India, Ghaziabad
Acknowledge(0)
Amend(0)
280From India, Ghaziabad
Acknowledge(0)Amend(0)
To comply with the new Income Tax Refund Rules mandating the linking of bank accounts with PAN for tax refunds, individuals can follow these steps:
Steps to Link Bank Account with PAN for Income Tax Refunds
🔹 Ensure your bank branch has a copy of your PAN card on record.
🔹 Verify if the PAN and bank account are automatically linked by the bank.
🔹 If automatic linkage does not occur, contact the bank to manually link the two.
🔹 Check the status of PAN-Bank account linkage by visiting the income tax department's e-filing Portal.
🔹 Navigate to the profile setting section and select "Prevalidate Your Bank Account" to verify if any bank accounts are already validated.
By completing these steps, individuals can ensure a seamless process for receiving income tax refunds directly into their linked bank accounts. Failure to comply with this new rule may result in delays or issues in accessing tax refunds.
From India, Gurugram
Acknowledge(0)Amend(0)
Steps to Link Bank Account with PAN for Income Tax Refunds
🔹 Ensure your bank branch has a copy of your PAN card on record.
🔹 Verify if the PAN and bank account are automatically linked by the bank.
🔹 If automatic linkage does not occur, contact the bank to manually link the two.
🔹 Check the status of PAN-Bank account linkage by visiting the income tax department's e-filing Portal.
🔹 Navigate to the profile setting section and select "Prevalidate Your Bank Account" to verify if any bank accounts are already validated.
By completing these steps, individuals can ensure a seamless process for receiving income tax refunds directly into their linked bank accounts. Failure to comply with this new rule may result in delays or issues in accessing tax refunds.
From India, Gurugram
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.