Link your PAN with the bank for e-refunds: IT dept to taxpayers.
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, the taxman said in its latest public communication.
The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, 2019.” Link your PAN with your bank account to get your refund directly, swiftly and securely, the department said in a public advisory issued Wednesday. It added the bank account could be either savings, current, cash or overdraft.
As per data updated till early this month, the I-T Department has so far issued 42 crore PANs, of which 23 crores have been linked with Aadhaar.