Did you make any major errors in filling in your details while filing your income tax returns (ITRs)? If yes, then fret not as you can update your details even after having filed the ITR form. The process for updating your contact information, including your address, mobile number, and email ID, as well as making changes to your bank details - crucial for receiving tax refunds on time - is simple and straightforward, though most taxpayers shared how they goofed up mostly while sharing their bank details.
Explaining the importance of sharing correct bank details while filing the ITR form, Hiren Thakkar, Chartered Accountant & Proprietor, Hiren S Thakkar & Associates shared, “Even with incorrect bank details, you can file your ITR; there will not be any issue. But if there is a refund due then, one will not get the refund in the bank account. The available solution is that after logging on to the IT portal, there is an option to validate bank account details in the ‘My Profile’ section. Once the bank account details get validated, the refund amount would be processed. You must then raise the ‘Refund-Reissue’ request as well.”
How to update bank details for filing ITR?
The “Change ITR Form Particulars” feature on the e-filing portal enables taxpayers to update their bank account, address, mobile number, e-mail ID, and other necessary details. Taxpayers must be aware that they can request these modifications only before the processing of their ITR forms.
To submit a request for “Change in ITR Form Particulars”, taxpayers should follow the steps outlined below:
- Log in to the 'e-filing' portal.
- Click on the “My Account” tab located on the top left-hand side of the page.
- Under “My Account”, select “Service Request”
- Choose “New Request” under “Service Request”
- Select “Change ITR Form Particulars” under “Request Category”
- Click “Submit”
- A new screen titled “Change ITR Form Particulars” will appear, displaying the taxpayer’s PAN.
- Enter the “Acknowledgement Number” of the ITR in the provided space
- On the following screen, the taxpayer will find options for “Changing Bank Account Details”, “Change Address Details”, and “Change Email ID/Mobile Number Details”
- Choose the relevant option, provide the necessary information, and submit the request.
- After submitting the request, a success message with a transaction ID will be displayed on the screen.
After updating your bank details, it is essential to re-validate your ITR.
How to revalidate ITR after updating bank details?
To re-validate your ITR after updating your bank details, follow these steps:
- Navigate to the “My Account” tab on the e-filing portal.
- Click on “Bank Accounts”
- Locate the bank account that you have updated and click on the “Re-validate” button next to it.
- Follow the instructions provided on the screen.
Once your bank details have been successfully re-validated, your ITR will undergo processing, and any applicable tax refund will be issued.
Once the request is processed, the revised information will be updated in your income tax return records. It is of utmost importance to maintain up-to-date details for smooth communication with tax authorities and to prevent any potential complications. By adhering to these steps, you can effortlessly make essential adjustments to your ITR details as required.