National Payments Corporation (NPCI) has started a new facility to verify PAN and bank account in real time on the Income Tax portal. Through this, taxpayers will get income tax refund quickly and without any error. Along with this, the process of transfer of government benefits will also be faster. NPCI has recently issued a new circular regarding this.
According to NPCI, the new system has been created specifically for government departments. It will connect directly to the main system of banks and verify the PAN details, bank account status and name of the account holder instantly. Since this is a service provided to the government, all member banks have been instructed to implement it on priority.
Impact on customers
This new facility will make income tax refunds and government benefit transfers faster and error-free. It will reduce delays by verifying details instantly and also reduce the risk of fraud. This facility will help taxpayers get their refunds faster, as bank account and PAN details can now be verified instantly.
Instructions to banks
To implement this facility, banks will have to upgrade their systems as per NPCI’s secure software standards, which may require major changes. This will ensure faster and error-free refunds to taxpayers. This step is another strong effort towards the Digital India campaign.
This will be beneficial
1. Instant verification of PAN-bank account will be possible in real-time
2. The process of income tax refund will now be faster and more accurate
3. Benefits of government schemes (DBT) will also reach the correct accounts.
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