Here’s some good news for taxpayers. The National Payments Corporation of India (NPCI) has introduced a new facility to enable seamless verification of PAN and bank account details on the Income Tax e-filing portal. This initiative will help taxpayers link their PAN and bank accounts more quickly and securely, improving the overall experience of filing returns and receiving refunds.
NPCI Issues Circular for Real-Time Verification
In a recent circular, NPCI announced that the primary goal of this new service is to simplify real-time verification of PAN details, bank account status, and account holder identity directly through the Core Banking System (CBS) of banks.
To achieve this, NPCI has rolled out a new PAN and Bank Account Verification API, specially designed for government departments. This API will allow instant verification of PAN and bank account information from the respective bank’s CBS, reducing processing delays.
Faster Refunds and Lower Risk of Fraud
According to Utkarsh Bhatnagar, Partner at Cyril Amarchand Mangaldas, this new interface will enable quick and error-free verification of taxpayer PAN-bank account data on the Income Tax portal. This improvement is expected to result in faster income tax refunds and more secure direct bank transfers.
Bhatnagar also pointed out that this initiative will help minimize fraud risks in income tax refunds. However, banks will be required to upgrade their systems to comply with NPCI’s new secure interface standards to ensure smooth implementation.
Excel-Based ITR Filing Facility for Taxpayers
In addition to this new PAN-bank verification service, the Income Tax Department is continuing its efforts to simplify return filing for taxpayers. The department recently launched an Excel-based utility for filing ITR-1 and ITR-4 for the 2025-26 assessment year.
To further assist taxpayers, the deadline for filing ITR-1 and ITR-4 has been extended from July 31 to September 15, 2025 — giving individuals more time to file their returns accurately.
A Step Towards Smarter Tax Compliance
The introduction of real-time PAN-bank verification is a major step toward improving taxpayer convenience and enhancing the efficiency of India’s digital tax ecosystem. Taxpayers are advised to take advantage of this new feature and keep their PAN and bank details updated to ensure smooth processing of returns and refunds.
Author Profile
- My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Latest entries
AUTOMOBILEJuly 13, 2025Kia Carnival 2025 Review: The Ultimate Luxury MPV That Redefines Family Travel- AUTOMOBILEJuly 13, 2025Maruti Suzuki XL7 2025: A Spacious 7‑Seater MPV with SUV Appeal – Features, Price & Launch Details
- INDIAJuly 13, 2025PAN Card Address Update: How to Change Your Address Easily Online
- INDIAJuly 13, 2025Dearness Allowance May Rise by 6% as 8th Pay Commission Nears Implementation
Follow Us on WhatsApp