Link your PAN with bank to get refunds: Income Tax Dept to tax payers


pan cardIssuing an important message for the tax payers, the Income Tax Department said that it will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month.

All the tax payers are therefore mandated to link their PAN cards with their bank accounts.

The advisory issued on Wednesday directed the tax payers to link their PAN (permanent account number) with bank account in a bid to get the refund directly, swiftly and securely. The notification further added that the bank account could be either savings, current, cash or overdraft.

Till now, the department used to disburse the refunds to the tax payers either in their bank accounts or via account payee cheques, in a case-to-case basis depending on the category of taxpayers.

The announcement added that the taxpayers can now check the status of their bank account linkage with PAN by logging onto the e-filing website of the tax department.

Tax payers who have not linked their PAN with bank accounts can do by visiting their home branch and also validate this over the e-filing website of the I-T Department.

The department also made it mandatory to link Aadhaar with PAN prior to filing Income Tax Returns by March 31.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.