Why it is important to pre-validate your bank account before filing ITR

The month of May has begun and it is the right time to start filing for income tax return (ITR). While the last date for filing ITR for FY 2022-23 is 31 July, it seems to be a lot of time for taxpayers for doing all the calculations, making claim settlements, doing accounting for all pay slips, deductions, and other financial data, among other required steps. However, amid all of these, there are chances that the taxpayers may end up forgetting the most basic step ahead of filing ITR. It is about pre-validating your bank account, as failing to do so will make you lose your hard-earned money.It is very important to pre-validate your bank accounts before beginning the process of ITR filing. To know about the same in detail, scroll down for further information.Things to keep in mind about pre-validating bank accounts before filing ITRAs it is quite important for taxpayers to pre-validate their bank account before filing ITR, they need to complete the process beforehand to make it possible for the Income Tax Department to deposit any tax refund in their bank account.Before proceeding with the pre-validation purposes,

• One must have a valid PAN that is linked to his/her bank account.
• The PAN must be also linked with the IT Dept's e-Filing facility.
• Taxpayers must have themselves registered on the e-filing portal.
• One must have a valid bank account number and a valid IFSC code of their home branch.

Steps to pre-validate your bank account1. Visit the IT Department's official website at incometax.gov.in.2. Use your login details or PAN/Aadhaar details to log in.3. After logging in, go to the 'My Profile' section and select 'My Bank Account.4. As soon as you click on it, the 'Add Bank Account option.5. Enter your required information like your name, bank account number, type, IFSC code, bank name, and others.6. Click on the 'Validate' option and submit.Once the process is complete, the validation status will be sent to your registered email address and mobile number. It is expected that the status will be updated within 10-12 working days. Also, taxpayers can check their pre-validation status in the 'My Bank Account' section after logging into the income tax website.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.