The Income Tax Department on Thursday said the taxpayers to link their PAN card with banks to get a refund.
The Income Tax department also said that it will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts.
According to the official of the Income Tax Department refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, 2019.”
Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, on a case-to-case basis depending on the category of taxpayers. said IT officials
The official also added in his statement that taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the department and also said that 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.
According to the updated till early this month, the I-T Department has so far issued 42 crore PANs, of which 23 crores 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.
The Income Tax Department has also said the taxpayers that the income tax refunds are being sent via two
modes, bank RTGS/NECS and bank paper cheque. To get the income tax refunds via either of these facilities, the taxpayers have to submit the correct communication bank account number and MICR code of bank branch if they want to receive the through RTGS/NECS.