Guide to Income Tax Return Filing for Assessment Year 2024-25

The deadline for filing the income tax return for the Financial Year 2023-24 is July 31, and salaried taxpayers anticipate the issuance of Form 16 by their employers. Form 16 is a crucial document that certifies tax deduction at source and payment to the tax department, typically issued by companies in the initial or second week of June each year.

In addition to preparing all the necessary documents, including Form 16 and bank statements, taxpayers are required to undertake specific tasks in advance. One such task is pre-validating their bank accounts to receive their tax refunds.

Importance of Pre-Validating Your Bank Account

The Income Tax Department specifies that only a pre-validated bank account can be nominated to receive income tax refunds. Moreover, an individual taxpayer can use a pre-validated bank account to enable EVC (electronic verification code) for e-verification purposes. E-verification can be utilized for income tax returns, other forms, e-proceedings, refund reissue, resetting passwords, and secure logins to e-filing accounts.

Prerequisites for Successful Pre-Validation

Successful pre-validation necessitates a valid PAN registered with e-filing and an active bank account linked with the PAN.

Checking the Status of Pre-Validation and Resubmission

The validation request’s status is transmitted to the taxpayer’s registered mobile number and email ID with the e-filing portal. In the event of a validation failure, the details are displayed under failed bank accounts. These failed bank accounts can be re-submitted for validation, with the account status displayed as ‘validation in progress’ upon clicking re-validate for the bank.

Updating Contact Details and Duration of Pre-Validation

If the pre-validated mobile number and email ID registered with the bank are changed, a warning symbol appears next to the mismatched contact details in the added bank accounts section. To EVC-enable the bank account, the taxpayer must update the contact details on the e-filing portal to match those registered with the bank or update the mobile/email at the bank’s end. Once the details are updated, the bank account should be revalidated.

The pre-validation process is automated, and once the request is submitted, it is sent to the bank. The validation status is updated in the e-Filing account within 10 – 12 working days.

Steps for Updating an Existing Bank Account for Validation

  1. Visit Income Tax e-filing Portal.
  2. Login and navigate to the ‘Profile’ section.
  3. Select ‘Bank Account’ and click on ‘Revalidate’.
  4. Update bank account details like A/C No., IFSC Code, A/C type, etc.
  5. Click ‘Validate’.

Steps for Adding a New Bank Account

  1. Visit Income Tax e-filing Portal.
  2. Login and access the ‘Profile’ section.
  3. Click on ‘My Bank Account’.
  4. Add the new bank account.
  5. Click ‘Validate’.