Quick Summary
The National Payments Corporation of India (NPCI) has introduced a new real-time PAN and bank account validation facility on the income tax e-filing portal. The initiative is expected to streamline tax refund processing and bolster the accuracy of taxpayer data verification. Real-Time Verificatio
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FAQ :
NPCI has launched a real-time PAN and bank account validation facility on the income tax e-filing portal.
The new API allows instant verification of PAN details, bank account status, and account holder identity by drawing real-time data directly from banks' Core Banking Systems (CBS).
Benefits include faster PAN-bank linking, reduced manual errors, quicker tax refunds, and improved data security through direct validation from bank systems.
Yes, NPCI has directed all its member banks to integrate this real-time validation facility on priority.
The main goal is to streamline tax refund processing, bolster the accuracy of taxpayer data verification, and support the digital transformation of India's tax ecosystem.
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