National Payments Corporation of India (NPCI) has launched a new facility. The new facility will help taxpayers in quick verification on linking their PAN-bank account on the Income Tax e-filing website. This is expected to speed up the refund.
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NPCI New Facility: National Payments Corporation of India (NPCI) has launched a new facility regarding verification of PAN and bank account on the Income Tax e-filing website. The new facility will help taxpayers in quick verification on linking their PAN-bank account on the Income Tax e-filing website.
NPCI issued circular
NPCI has issued a circular in this regard. According to this circular, its main objective is to simplify the real-time verification of PAN details, bank account status and account holder’s identity directly from the Core Banking System (CBS) of banks. Under this, NPCI has now introduced a new PAN and Bank Account Verification Application Programming Interface. It has been specially designed for government departments. This interface will provide real-time verification of PAN details, bank account status, account holder’s name directly from the bank’s Core Banking System (CBS).
What experts say
Utkarsh Bhatnagar, partner at Cyril Amarchand Mangaldas, told the Economic Times that quick and real-time verification of PAN-bank account details of taxpayers accessing the income tax website will be possible. Bhatnagar says the new facility will enable faster and error-free processing of income tax refunds and direct transfers. This will also reduce the risk of fraud. At the same time, banks will have to upgrade their systems to comply with NPCI’s secure interface standards.
Excel facility for taxpayers
The Income Tax Department is constantly making efforts to make it easier for taxpayers to file returns. Recently, the Income Tax Department has provided Excel facility for ITR-1 and ITR-4 for the assessment year 2025-26, so that taxpayers can file their income tax returns. Let us tell you that this year the last date for filing income tax returns in ITR-1 and ITR-4 has been extended from 31 July to 15 September.
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