Link your PAN with bank for refunds - Income Tax Dept
PrintListen to this Article
The department said refunds will be sent to bank accounts as it will issue "only e-refunds from March 1, 2019."
Link your PAN (permanent account number) with your bank account to get your refund directly, swiftly and securely, the department said in a public advisory issued Wednesday.
It added the bank account could be either savings, current, cash or overdraft.
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.
The communication added taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the department--"https://www.incometaxindiaefiling.gov.in/"https://www.incometaxindiaefiling.gov.in
It said 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.
Recently, the linking of the PAN with the Aadhaar-PAN has been made "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year.
As per data updated till early this month, the I-T Department has so far issued 42 crore PANs, of which 23 crore have been linked with Aadhaar.
While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity. #casansaar (Source - PTI)
Category : Income Tax | Comments : 0 | Hits : 300
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments