Taxpayers note, from March 1, 2019 the Income Tax Department will issue refunds to the bank accounts of taxpayers directly through E-transfers. This makes it mandatory for the taxpayer to link his/her PAN (permanent account number) with their bank accounts.
The Income tax department in a public advisory said that the taxpayers would get the refund directly which is a more secure way. Previously refunds order of amount more than RS 30,000 would be attached with account payee cheques by the tax department. But from March 1, 2019, refund amount of any denomination would be henceforth sent to the tax payer’s account directly.
The bank account could be either savings, current, cash or overdraft.
The linking of PAN card and Aadhaar been made mandatory for those filing Income Tax Returns (ITR) and this procedure has to be completed by March 31 this year.