Income Tax Refund in 7 Minutes – The Magic of Safe ePayments

         One of the most anticipated moments in the Income Tax Return process is the wait for the refund of the excess tax paid.

         This waiting period is a bit painful.

         So, it was a surprise to receive my income tax refund in flat Seven Minutes.

         Yes,  one more feather in the cap for the Magic of Safe ePayments.

         Received my Income Tax Refund in flat Seven Minutes. Yes, flat seven minutes, the money travelled from Income Tax Refund Account to my Bank Account.

         The magic was possible with the 24*7*365 Days NEFT Platform.

         Difficult to believe, isn’t it.

         Well, see the below timeline for yourself.

 

                  What is your experience with Income Tax Refund, do comment below.

         One of the ways to get a super-fast income tax refund is to pre-validate your bank account. Once the bank account is pre-validated, the same can be nominated to receive the fund.

         This means multiple bank accounts can be pre-validated, but only 1 out of the pre-validated bank account can be nominated to receive the Income Tax refund.

         Well, already spent the income tax refund on yummy sandwiches!!

 

Summary as below -

 

Q: Why do I need to pre-validate my bank account(s)?

Ans: Only a pre-validated bank account can be nominated to receive Income Tax refund.

Q: What are the prerequisites for a successful pre-validation?

Ans: For successful pre-validation, you must have a valid PAN registered with e-Filing, and an active bank account linked with the PAN.

Q: How much time does it take to pre-validate my bank account once I have submitted my details?

Ans: The pre-validation process is automatic. Once your request is submitted, it is sent to your bank. The validation status is updated in your e-Filing account within 10 - 12 working days. 

National Electronic Funds Transfer

NEFT stands for National Electronic Funds Transfer.

It is an electronic fund transfer system maintained by the Government of India and the RBI.

NEFT allows funds to be transferred from one NEFT-enabled bank account to another.

This is a very popular fund transfer system in our country.

 

Or drop in at this link @ https://www.incometax.gov.in/iec/foportal/help/my-bank-account-faq#

 

 

Disclaimer: These are my personal thoughts only. The only focus is in spreading the Joy of Safe ePayments. Nothing More – Nothing Less.