NPCI launched the new PAN-bank account linking on Income Tax Portal

NPCI: The National Payment Corporation of India (NPCI) has started a new facility to make the verification of PAN and Bank Accounts easier on the Income Tax e-Filing website. The aim is to make the process of filing income tax returns for taxpayers and government departments faster and simplify.

NPCI issued a circular to explained this application programming interface (API), which has been designed for PAN details, bank account status and real time verification of account holder. With the help of this interface, the verification of data will be directly from banks’ core banking system (CBS).

Bank verification will increase

It was said in the circular, this interface is specially designed for government departments, with the help of which they will be able to verify the PAN, account status and account holder’s name from the core banking system (CBS) of their banks.

API will work as software bridge

API is a software bridge that allows two systems to communicate and share data. With the help of this interface, government platforms like Income Tax Portal will get safe and quick verification from the core system of banks. NPCI urged all members banks to implement this facility on priority basis, as this service is being provided to the Government of India.

Taxpayers benefit from this

This will accelerate the process of linking PAN-bank account while filing tax returns for taxpayers, will reduce manual errors during verification, will speed up returns and other tax related payment. Also, the data verification of the taxpayer will be more secure and reliable. Usually, after the tax return is filed, the validation status e-filing account is updated within 10-12 Working Day.

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