Business / PAN link to bank accounts must for tax refunds

Income-Tax (I-T) Department will only issue electronic refunds directly into taxpayers' bank accounts from March 1 & they should link PAN with their accounts, according to an official communication. "Link your PAN with your bank account to get your refund directly, swiftly and securely," the department said in a public advisory. I-T Department said the bank account could be either savings, current, cash or overdraft.

The Income-Tax (I-T) Department will only issue electronic refunds directly into taxpayers' bank accounts from March 1 and they should link PAN with their accounts, according to an official communication.

"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 on Wednesday.

The I-T Department said the bank account could be either savings, current, cash or overdraft.

So far, the department issued tax refunds either in bank accounts or through account payee cheques, depending on the category of taxpayers.

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.