As per report it was stated that Taxpayers note, from March 1, 2019 the Income Tax Department will issue refunds to the bank accounts of taxpayers directly through E-transfers. Meanwhile this makes it mandatory for the taxpayer to link his/her PAN (permanent account number) with their bank accounts.
Reportedly 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. Apparently from March 1, 2019, refund amount of any denomination would be henceforth sent to the tax payer’s account directly.
Moreover the bank account could be either savings, current, cash or overdraft. Further the linking of PAN card and Aadhaar had been made mandatory for those filing Income Tax Returns (ITR) and this procedure has to be completed by March 31 this year.
