Recently, the Income Tax Department asked the taxpayers to link their PAN Card with their Bank Account in order to get timely income tax refund directly, swiftly and securely. Moreover, the I-T Department added that the bank account could be either savings, current, cash or overdraft.
It is important for the taxpayers to understand that the Income Tax Department will issue tax refunds only through e-mode into bank accounts of taxpayers, for this hey should link PAN with their accounts. The authorities from the I-T Department added that, they are sending the tax refunds to the taxpayer’s bank accounts from 1st March 2019.
Earlier, the IT Department used to issue the income tax 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. Now, to get their Income Tax Refund the taxpayers will have to link their PAN with their Bank Accounts, they can check whether their PAN is linked with Bank Account by logging into the Income Tax Department’s official e-filing portal.
For those who have not linked their PAN to their Bank Accounts, they should provide the details of the same to their home bank branch and also validate this over the efiling website of the I-T Department.
So, all the taxpayers need to link their PAN to their Bank Accounts and get their refunds credited in their respective accounts without any hassle.
Get all the information about efiling income tax on All India ITR, Your Personal Tax Expert.