New Delhi: In a move aimed at improving convenience for taxpayers, the National Payments Corporation of India (NPCI) has launched a new facility that enables the real-time verification of PAN (Permanent Account Number) and bank account details on the Income Tax e-filing portal. The initiative is designed to help taxpayers quickly verify their financial information by linking their bank accounts directly on the platform.
Real-Time API for PAN and Bank Account Verification
According to a circular issued by NPCI, this new feature is powered by a PAN and Bank Account Verification API, developed specifically for government departments. Its core purpose is to allow real-time verification of a taxpayer’s PAN, bank account status, and account holder identity, with data drawn directly from the core banking systems of participating banks.
NPCI stated that this step will significantly improve the accuracy and efficiency of the verification process — particularly important when processing tax refunds — and is expected to benefit a large number of users across the country.
Expert Insights on the New Feature
Utkarsh Bhatnagar, partner at Cyril Amarchand Mangaldas, told The Economic Times that this new API will allow for faster verification of taxpayers’ PAN and bank details on the income tax website. The streamlined process will facilitate quicker refunds by ensuring that verified bank accounts are correctly linked to PAN records.
However, Bhatnagar also noted that while the new system brings greater efficiency, it could potentially increase the risk of fraud if not implemented with adequate safeguards. Proper monitoring and security protocols will therefore be key to ensuring safe usage of this new functionality.
Enhancing the Taxpayer Experience
This development aligns with the government’s ongoing efforts to digitize and simplify tax-related services in India. By offering real-time PAN and bank account verification, the system is expected to enhance the overall taxpayer experience — reducing delays and minimizing the risk of errors during the refund process.
The new API-based service is likely to become an essential tool for both taxpayers and government departments, helping to create a more transparent, reliable, and efficient tax ecosystem in India.
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