How to Rectify Wrong Bank Account Details In ITR Filing 2023

Income tax return filing is a responsible task for every taxpayer but errors made in bank details can cause a delay to receive a refund on time. 

The deadline for filing your tax returns is so close to the end. Hardly a couple of weeks are there and this is the time when many taxpayers may make several mistakes which can cause several problems. One of these mistakes is furnishing the wrong bank details while filing your ITR. 

Wrong bank account information can cause you a late refund. But the good aspect is that you can correct the wrong bank account details in your income tax return form. 

In this article, we’ll take you through the process of identifying the mistakes in your ITR to correcting them. So, without further ado, let’s move forward.

The first step is to recognize the mistakes wherever you have made in your ITR Form.  it is crucial to acknowledge the inaccurate information disclosed in the ITR form. 

Take the time to thoroughly examine your ITR form and pinpoint any discrepancies in the bank account details provided. Validate these details by cross-referencing them with your bank statement or passbook to identify any inconsistencies. If you uncover incorrect information, proceed to the subsequent step.

To avoid submitting inaccurate information, it is important to meticulously verify all data in the pre-filled ITR forms for accuracy. Taxpayers should diligently cross-check their details with relevant documents such as Form 16 for salary income and Form 16A for non-salary income. 

Conducting a thorough review of TDS certificates to ensure that the deducted tax matches the information in bank statements and other supporting documents is an essential step in the process.

The Third step is to correct wrong account details: If the return has not been processed yet, the account details can be corrected online. Visit the e-Filing Portal at www.incometaxindiaefiling.gov.in. Then refer to the 'Change ITR Form Particulars' section on the portal & update the incorrect information in the submitted tax return form. 

If the return has already been processed, you can request a refund re-issue. Below are the steps to update the bank account details online:

• Log in to the Income Tax Department's e-filing portal and go to the 'My Account' tab.
• Select 'Service Request' from the options available.
• Under 'Request Type', choose 'New Request' and under 'Request Category', select 'Rectification'.
• Specify the applicable AY for 'Return Data' and Choose 'Intimation under section 143(1) for Return Data under 'Order/Intimation to be rectified'.
• Select 'Taxpayer is correcting data for Tax Credit Mismatch only' In the 'Rectification Request Type', & Choose 'Bank Account Details' for correction, update the details, and click 'Submit'.

Rectifying Other Incorrect Details: If there are incorrect personal details like address, mobile number, or email, you can correct them on the e-Filing Portal. Simply navigate to the 'Change ITR Form Particulars' section and make the necessary corrections to update your details.

Also Read: Income Tax: More than 300 Million Income Tax Returns Filed by July 18, 7 Days Ahead of Last Year's Pace