Income Tax Refund: Validate or Re-validate Bank Account for ITR 2024

The Income Tax Department has issued a crucial update, emphasizing the necessity for taxpayers to validate or re-validate their bank accounts on the e-filing portal in order to facilitate smooth processing of income tax refunds (ITR).

A validated bank account is indispensable for receiving an ITR. Even previously validated bank accounts will require re-validation in the event of changes such as branch or IFSC modifications, bank mergers, and similar scenarios.

In an announcement on Tuesday, June 18, the Income Tax Department emphasized, “Attention Taxpayers! A validated bank account is essential for receiving refunds. Please ensure the validation status of your bank account on the e-filing portal for seamless processing of refunds!”

Adding a New Bank Account for ITR 2024

To add a new bank account, follow these steps:

1. Visit Income Tax e-Filing Portal
2. After logging in, navigate to the ‘Profile’ section located at the top right corner
3. Access ‘My Bank Account’
4. Add the new bank account details
5. Click on validate

Re-validating Existing Bank Account for IT Refund

Read more: Income Tax Important Advisory on Validating Bank Account on Income Tax Portal for Income Tax Refund

To re-validate an existing bank account, follow these steps:

1. Visit the e-filing portal at Income Tax e-Filing Portal
2. After logging in, click on Profile
3. Proceed to ‘My Bank Account’ and select Re-validate
4. Update details such as IFSC, account type, etc.
5. Click on validate

Following validation, the bank account details in the database will be categorized as: Failure, success, success with a remark, or pending for validation.

Potential Reasons for Bank Account Validation Failure

Bank account validation can fail due to the following reasons:

• Non-linkage of PAN with the bank account: It is essential to link the permanent account number (PAN) with the bank account. After linking PAN with the bank account, click on re-validate to submit the request. Taxpayers can reach out to their branch for further assistance.
• PAN mismatch: Ensuring the correct linkage of PAN with the bank account is crucial.
• Invalid account type: If this message appears, one can click on re-validate and select the correct bank account type, followed by submission of the validation request.
• Invalid IFSC code: Users must input the correct Indian Financial System Code (IFSC) and then submit the validation request.

Read more: This Time Important things to note before filing TDS returns