Income Tax dept to issue only e-refunds from March, but PAN card linking is a must
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques.
New Delhi: The Income Tax Department has said that it will only issue e-refunds (via electronic into bank accounts) of taxpayers beginning from March. However, all taxpayers should link PAN with their accounts for the purpose.
The IT department in its website said "only e-refunds from March 1, 2019. Refunds will be given only to bank accounts (savings/current/cash/DD) which are linked to pan."
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers.
How to check if bank account is linked with PAN?
Taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the IT department:
Those who have not linked their PAN with their bank account should provide it to their home bank branch and also validate this over the e-filing website of the I-T Department.
Aadhaar-PAN linking mandatory
Linking of the PAN with the Aadhaar-PAN is mandatory for those filing an Income Tax Return (ITR) and the last date for the linkage is March 31 this year.
IT department also said that taxpayers must pre-validate their bank account.
To do so, Log in to e-filing portal.
Go to profile setting.
Pre-validate your bank account and fill up the details.
If your bank is integrated with the e-filing portal, pre-validation will be done directly through EVC and net banking route.
If your ban is not so integrated then the Income Tax department will validate the bank account from the details filled up by you.