The “Type of Account Error” in the context of filing Income Tax Returns (ITR) usually refers to mistakes related to the bank account details entered in the ITR form.
This is a common error that can arise during the e-filing process, especially when you’re asked to provide the details of the bank account where any tax refunds should be credited, or where your income is deposited.
Here are some common reasons for the “Type of Account Error” in ITR filing:
1. Incorrect Bank Account Type
Error: You may select the wrong type of account when filling out the details of your bank account (e.g., choosing “Savings” when your account is a “Current” account).
Solution: Ensure that you select the correct account type (e.g., Savings, Current, NRE, NRO, etc.) as per the account you have linked with the bank.
2. Mismatch Between Account Number and Type
Error: The bank account number and account type you provide may not align with the type of account that is actually linked to your PAN (Permanent Account Number).
Solution: Double-check the account number and verify that it matches the account type linked to your PAN. If unsure, check your bank statements or consult your bank.
3. Providing an Incorrect or Non-Active Bank Account
Error: You may enter an inactive or closed account number, or a number that’s not associated with your current bank branch.
Solution: Ensure that the bank account you enter is active and linked to your PAN for tax refund purposes, if applicable.
4. Bank Account Not Linked with PAN
Error: Sometimes, the bank account is not linked with your PAN in the Income Tax department’s records.
Solution: Visit the Income Tax Department website and verify if your bank account is linked to your PAN. You may need to link it first, which can be done through the “Link Aadhaar” portal or the “Bank Account Linking” section on the Income Tax portal.
5. Mismatch in Account Name and PAN
Error: The name on the bank account may not match exactly with the name registered with your PAN.
Solution: Ensure that the name you provide in the bank account details matches exactly with the name on your PAN card, including any discrepancies like initials, middle names, etc.
6. Invalid IFSC Code
Error: If you’re entering the IFSC code (Indian Financial System Code) for your bank branch, an incorrect or invalid code could trigger this error.
Solution: Verify the IFSC code for your bank branch using your bank statement or the official website.
7. Wrong Refund Status or Account Selection
Error: When entering bank details for refund purposes, you may choose “No refund” when you are actually eligible for a refund, or the account type selected might not match your refund mode preference.
Solution: Ensure that the option for refund (if applicable) is correctly marked and that you’ve entered the bank details where the refund should be credited.
8. Multiple Bank Accounts
Error: If you enter multiple accounts, the ITR system may flag this as an error since only one account is required for a refund.
Solution: Only enter one active bank account if you’re claiming a refund. If you’re not due for a refund, leave the bank details section blank.
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How to Correct “Type of Account” Errors:
Verify Bank Account Type: Make sure that the type of account (Savings, Current, etc.) selected in the ITR matches the actual type of your account.
Cross-check Account Number: Ensure that the account number provided is correct, and double-check it with your bank.
Bank Name and IFSC Code: Recheck your bank’s name and IFSC code to ensure they are correct.
Update PAN-Bank Link: If the bank account is not yet linked to your PAN, you should do so before proceeding with your ITR filing.
Confirm Refund Status: If you’re expecting a refund, make sure to select “Yes” in the refund section and provide the correct bank details.
If the error continues, you may want to contact the Income Tax Department or consult a tax professional for assistance.
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