ITR Filing 2023: Open Bank Account for Refunds, Complete List of Banks Available on E-Pay Tax Service

As the deadline for filing income tax returns for the financial year 2022-23 approaches (31 July 2023), salaried individuals are advised to start preparing their ITRs.

It is crucial to pre-validate a bank account while filing the income tax return, especially if a refund is expected due to excess tax paid.

Failure to do so will result in the Income Tax Department being unable to credit the refund amount.

Form 16, an essential document for salaried individuals, serves as an annual certificate issued by the company and is required for ITR filing.

E-pay tax service now offers the option of DCB Bank for over-the-counter and net banking transactions.

This addition expands the list of banks available on the e-pay tax service to a total of 25, facilitating convenient tax payments.

List of banks available for tax payment:

  1. Axis Bank
  2. Bank of Baroda
  3. Bank of India
  4. Bank of Maharashtra
  5. Canara Bank
  6. Central Bank of India
  7. City Union Bank
  8. DCB Bank
  9. Federal Bank
  10. HDFC Bank
  11. ICICI Bank
  12. IDBI Bank
  13. Indian Bank
  14. Indian Overseas Bank
  15. IndusInd Bank
  16. Jammu and Kashmir Bank
  17. Karur Vysya Bank
  18. Kotak Mahindra Bank
  19. Punjab National Bank
  20. Punjab & Sind Bank
  21. RBL Bank
  22. State Bank of India
  23. South Indian Bank
  24. UCO Bank
  25. Union Bank

Careful ITR Filing:

Taxpayers should exercise caution while filing their ITRs and avoid common mistakes such as failing to verify their returns or selecting the wrong assessment year.

Forgetting to verify the ITR is a frequent error, often realized only upon receiving a notice from the Income Tax Department.

Rectifying this mistake can be time-consuming and costly. Currently, taxpayers have 30 days after submitting the ITR form to verify it.

Additionally, it is important to differentiate between the assessment year and the financial year to ensure accurate filing.

Remember that the assessment year always follows the financial year, so select Assessment Year 2023-24 for the current tax filing.

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