Taxpayers should Update your Bank Account for Refunds, says Income Tax Dept: Know How to Validate or Revalidate Account

The Income Tax Department has continuously reminded the validation and re-validation of the bank accounts for the seamless income tax refunds. It has been reiterated that maintaining an updated bank account is essential, particularly in scenarios involving changes such as branch modifications, alterations in IFSC codes, or bank mergers.

The department also mentioned that ‘ignore if not applicable to you.’ The department has conveyed the same through its ‘X’ official account.

https://twitter.com/IncomeTaxIndia/status/1797878485677191407?t=pX10vcbtYC8g_buJEBFMsQ&s=08

The words of the departments stated as follows:

“Kind Attention Taxpayers!

Having a validated bank account is essential for receiving of refunds. An already validated bank account will require re-validation after updation of account details consequent to change in branch, IFSC, Merger of bank, etc.”

Steps to Validate or Revalidate Account 

To facilitate the process of updating existing bank account details, taxpayers are advised to follow a simple procedure outlined by the income tax department.

For those needing to update existing bank account details:

1. Visit the income tax department’s official website: https://incometax.gov.in/iec/foportal/
2. Log in to your profile.
3. Navigate to the “Choose Bank Account” option.
4. Select the “Revalidate” option.
5. Update the necessary bank account details such as account number, IFSC code, and account type.
6. Validate the updated information.

In cases where taxpayers wish to add a new bank account:

1. Visit the income tax department’s official website: https://incometax.gov.in/iec/foportal/

1. Log in to your profile.
2. Go to the “My Bank Account” section.
3. Choose the “Add Bank Account” option.
4. Validate the new bank account details

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