No refunds now.. IT department to payback only 'e-refunds'..!

New Delhi, February 28: Waiting for your Income Tax refunds..? First link up your PAN cards with your bank accounts.. else forget the refund you are supposed to get back. The Income Tax Department will only issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, cleared the taxman recently.

 

Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers. It is now that the department has decided to issue e-refunds only.

“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. The bank account could be either savings, current, cash or overdraft”, it ordered digitising the system.

Recently, the linking of the PAN with the Aadhaar-PAN has been made mandatory for those filing an Income Tax Return (ITR) and this procedure has to be completed by March 31 this year. As per data updated till early this month, the I-T Department has so far issued 42 crore PANs, of which 23 crore have been linked with Aadhaar.