Income Tax Day 2023: Did you make any significant mistakes while submitting your income tax returns (ITRs)? If so, you can amend your information even after you’ve submitted the ITR form. The process for updating your contact information, including your address, mobile number, and email address, as well as making changes to your bank details – essential for receiving tax refunds on time – is simple and straightforward, though the majority of taxpayers admitted that they erred most frequently when providing their bank information
Income Tax Day 2023
Explaining the significance of providing accurate bank information on the ITR form, Hiren Thakkar, Chartered Accountant and Owner of Hiren S Thakkar & Associates, stated, “You can submit your ITR even with incorrect bank information; there will be no problem. However, if a refund is due, it will not be deposited into the bank account. After logging into the IT portal, there is an option in the ‘My Profile’ section to validate bank account information. Once the bank account information is verified, the refund amount is processed. Additionally, you must submit a ‘Refund-Reissue’ request.”
How to amend bank information for ITR filing?
The “Change ITR Form Particulars” function on the e-filing portal enables taxpayers to alter their bank account, address, mobile number, and e-mail ID, among other pertinent information. Taxpayers must be aware that these modifications can only be requested prior to the processing of their ITR forms.
To submit a request for “Change in ITR Form Particulars”, taxpayers must adhere to the procedures outlined below:
- Sign in to the electronic filing portal.
- Click on the “My Account” icon in the upper left corner of the page.
- Select “Service Request” within “My Account”
- Select “New Request” from the “Service Request” menu.
- Select “Change ITR Form Particulars” under “Request Category”
- Click “Submit”
- A new screen with the title “Change ITR Form Particulars” and the taxpayer’s PAN will appear.
- Input the ITR’s “Acknowledgement Number” in the space provided.
- On the screen that follows, the taxpayer will see options for “Changing Bank Account Details,” “Changing
- Address Details,” and “Changing Email ID/Mobile Number Details.”
- Select the applicable option, provide the required details, and submit the request.
- After submitting the request, the screen will display a success message with a transaction ID.
- After updating your bank information, you must revalidate your ITR.
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Income Tax Day 2023: How do you revalidate your ITR after amending your bank information?
Follow these steps to revalidate your ITR after updating your bank information:
- Access the “My Account” tab on the electronic filing portal.
- Select “Banking Accounts”
- Find the updated bank account and select the “Re-validate” button that appears next to it.
- Follow the on-screen instructions provided.
- After your bank information has been successfully re-verified, your ITR will be processed and any applicable tax refund will be issued.
Once the request has been processed, your income tax return records will be updated with the revised information. Maintaining accurate information is crucial for facilitating communication with tax authorities and avoiding potential complications. By following these procedures, you can easily make any necessary changes to your ITR information.
