The Income Tax Department on September 13, 2023, issued a notification regarding checking the Bank A/c validation Status for the Refund
The following has been stated namely: -
• It states that the Bank A/c validation Status for the Refund shall be checked upon the following conditions namely: -
(i) In case the bank has merged with another bank
(ii) If the bank account number changed or the bank branch has changed
(iii) If the name in the Bank Account changed
(iv) In case the bank account is closed or inactive
(v) If the IFSC Code of the bank account changed.
• The process has been mentioned if it satisfies any of the conditions stated above namely: -
(i) To Update/revalidate your bank account details, login to:
https://eportal.incometax.gov.in > Profile > My bank Accounts > Click on three vertical dots > Choose Revalidate> Make required changes in data for updating details > Click on the Validate button.
(ii) To add a new bank account, log in to https://eportal.incometax.gov.in > Profile > My bank Accounts > Add bank account > Fill in the required details > Click on the Validate button.
• It states that after the bank account's status changes to Validated, it is to be ensured to nominate it for refund by activating the 'Nominate for Refund' option.
• It further states that Refunds cannot be credited to Bank A/c that is not linked with PAN.
