Use Code: ITR40
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If an excess TDS is deducted at the source, there is an option to always ask for a refund from the Income Tax Department. You can claim this refund at the time of ITR filing. The ITR department verifies the filing and accordingly provides you with the refund. It's important to note that refunds are now transferred electronically to your bank account linked with your PAN (effective from 1st March 2019).
To be eligible to get this refund, it is important to first pre-validate your bank account on the income tax e-filing portal. To pre-validate the bank account, read the guide below:-
You must pre-validate your bank account because if you fail to pre-validate it before filing your ITR, you might have to face the following consequences -
Step 1: Visit the income tax e-filing portal at www.incometax.gov.in. Login to the portal.
Step 2: Select “My Profile”, from the dashboard.
Step 3: On My Bank Accounts page, the Added, Failed, and Removed Bank Accounts tabs will be displayed.
Step 4: On the My Bank Accounts page, click Add Bank Account.
Step 5: Enter the Bank Account Number, select Account Type and Holder Type, and enter IFSC. Bank Name and Branch get auto-populated based on IFSC. Ensure that the PAN, name, mobile number, and email address provided match those registered with your bank account to ensure successful pre-validation.
Step 6: A successful message will display once the validation option is selected. Your bank details and request will be sent to your bank. The validation status will be updated on the portal within 24 hours. You will also receive a message on your mobile number and email ID registered on the e-Filing portal.
Are you still waiting for your tax refund? There might be some errors in your return or you may missed the complete information regarding your income. To know what could be the reason your refund is hold back, consult with our tax experts.
| Error | Reasons | Solution |
|---|---|---|
| Restricted Refund | Name mismatch between the PAN & Bank | Update the name on PAN or name in bank records |
| PAN - Bank account - IFSC linkage failed | PAN not available with bank | Contact branch to link your PAN with the bank account or update KYC Submit re-validation request |
| Invalid IFSC | In case of bank mergers, the IFSC code may change |
|
| Account number does not exist | Wrong account number entered |
|
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Unusable bank account |
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For your bank account pre-validation to be successful, your PAN details should be updated in the bank database. Also, your name, as mentioned on the PAN card and in the bank account, should be the same.
No, Only the pre-validated bank account having the same contact details i.e., mobile number in
can be EVC enabled.
No, only one bank account can be enabled by EVC (electronic verification code). If any one of your accounts is already EVC enabled, you won’t be able to enable any other account for EVC at the same time.
Important points
You can check the income tax refund status via the income tax portal or within a few minutes easily via Tax2win, “Check your Income Tax Refund Status” tool.
You need to visit the bank to link PAN with the bank account.
The income tax department only issues refunds through direct credit in a bank account. Hence, it becomes important that you pre-validate your bank account on the e-filing portal.
As the process is automated, it usually takes a couple of hours to confirm whether your account is successfully prevalidated or not. In case the validation fails, the status is reflected on the income tax portal under profile settings and is also communicated on your registered mail ID by the income tax department.
Yes, we can pre-validate multiple accounts and can nominate more than one account for an income tax refund. But the refund will be sent to only that bank account that is disclosed as the primary bank account in your income tax return, and it is pre-validated in the income tax portal.
