INSUBCONTINENT EXCLUSIVE:
Aadhaar - by March 31, 2019
This will be essential for filing an income tax return (ITR)
The Income Tax Department has announced March 31 as the due date for assessees to link the two
PAN with their bank accounts
"Get your refund directly, swiftly and securely in your bank account," the Income Tax Department said on microblogging website Twitter
Stating that it would issue "only e-refunds" from March 1, 2019, the I-T department said the (income tax) refunds would be credited to bank
This will be applicable to savings, current, cash and overdraft accounts, according to the income tax website.Currently, the Income Tax
the assessees will be able to check the status of linkage of a bank account with a PAN through its e-filing portal,
incometaxindiaefiling.gov.in.( Income tax assessments to be "completely faceless" in few years, says taxman)The Income Tax Department has
listed steps for assessees whose PAN is not linked to their bank account to take up the linkage:Provide PAN details to the bank
branchValidate the bank account by logging in to Income Tax Department's e-filing portalOnce logged on to e-filing portal, fill up details
by selecting "pre-validate your account" link under "profile setting" sectionIf the bank is integrated with the e-filing portal, the
pre-validation will be done "directly through EVC and net banking route", the Income Tax Department noted
However, if it is not integrated, the Income Tax Department will validate the bank account from the details provided by the user, according
to the taxman.PAN or Permanent Account Number is a ten-digit alphanumeric number issued by the Income Tax Department to an assessee
PAN enables the taxman to link transactions of the person
