Income Tax refunds, only if you prevalidate your bank account

Income tax department on its e-filing portal is urging tax payers to prevalidate their bank accounts for seamless credit of the income tax refund. CBDT in a release on July 17 said, “all the refund related cleaning up of the tax demands are being taken up on priority and is likely to be completed by 31st August, 2020.” The Income Tax Department, in March 2019 made an announcement to issue only e-refunds via electronic mode into the bank accounts of taxpayers. For the purpose, the tax payers need to link their PAN with the account and also prevalidate their bank accounts.

Author: Sham