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.
