Link your PAN with bank for refunds: I-T to taxpayers


New Delhi, Feb 28 (PTI): The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.

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/

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.

  

Top Stories

Comment on this article

  • nitin, kodagu

    Thu, Feb 28 2019

    why not PAN/Adhaar linked to Voter ID.??????

    DisAgree Agree [3] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Thu, Feb 28 2019

    The Government has proposed to amend section 87A by raising the amount of rebate from Rs 2,500 to Rs 12,500. Taxpayers with income up to Rs 5,00,000 will get the benefit of this rebate, hence for such persons,tax liability is zero. But, those who are having taxable income above Rs. 500000, there is no rebate and they are required to pay from the slab of Rs. 250000 as earlier. With this amendment, a lot of people, specially senior citizens and retired are not required to file the return.

    DisAgree Agree [4] Reply Report Abuse


Leave a Comment

Title: Link your PAN with bank for refunds: I-T to taxpayers



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.