How to Pre-Validate A Bank Account to Get An Income Tax Refund?

Refunds from SARS are feasible if you have overpaid your income tariff or forwarded more in tariffs than you owe. But you must pre-validate your bank account data before SARS can handle your refund. Making sure your bank account details are accurate and current may be done quickly and securely using this method.

The process for pre-validating your bank account to receive a refund of income taxes in South Africa is presented in this article. We will also address often-asked questions regarding the verification procedure and the reimbursement status.

How do you pre-validate a bank account for an income tax refund in South Africa?

To pre-validate your bank particulars for an earnings tax repayment in South Africa, you need to apply these procedures:

1. Sign in to the e-filing page using your user ID details and password.
2. Head to the My Profile icon from the e-filing Dashboard.
3. Click My Bank Account.
4. Select the Add Bank Account button.
5. Enter bank details such as bank account number, account type, account holder type, IFSC code, bank name, and branch. Ensure that the PAN, name, mobile digits, and email address particulars offered match those under your bank account to ensure smooth pre-validation.
6. Now, click on the Validate icon. You have forwarded the request for vaalidating the bank account.

The pre-validation procedure is automatic. The bank particulars and that request will be forwarded to your bank. The validation standing will be updated on the account within twenty-four hours.

If the validation is successful, your bank account details will appear in the Added Bank Accounts tab with the status Validated and EVC enabled.

The details are displayed under the Failed Bank Accounts tab if the validation fails.

The failed bank accounts can be re-submitted for re-validation.

You can check the status of your request by clicking on Pre-validate under the My Bank Account option on the e-filing portal.

You can also view your Income Tax Statement of Account (ITSA) or Notice of Assessment (ITA34) on the e-filing portal or SARS MobiApp to see if your refund amount and payment date are displayed correctly.

How long does SARS take to refund after bank verification?

Once SARS has verified your banking details through an electronic verification code (EVC), it should process your refund within 72 hours.

However, there may be some factors that could delay or affect your refund payment date, such as:

• If you have outstanding returns or debts with SARS
• If SARS needs more time or information from you
• If there are technical issues or errors with the e-filing portal or SARS systems
• If there are rare cases, such as natural calamities or pandemics

Thus, it is recommended to keep inspecting your e-filing profile or contact the SARS contact office center for information on your repayment station.

How do I submit my bank details to SARS for a refund?

You should resubmit your banking details through the e-Filing site or the SARS MobiApp if you have previously pre-validated them but have not yet received an email confirming that SARS has received and verified them:

• Enter your login credentials into the online filing system.
• The Dashboard will take you to the My Profile page.
• Login to Your Bank Account.
• Find and click the Add Bank Account icon.
• Please re-enter your financial information.
• After that, hit the Validate button one more.
• You will receive a confirmation email once SARS has successfully received and validated your banking details.

In addition, you can send a letter asking to verify your banking details and attach your banking details to the email to submit them that way.

You should include your complete name, tariff ID, bank, account digits, branch code, and IFSC code in this letter. Your proof of address (e.g., a utility bill or lease agreement) and identifications (e.g., a passport or driver’s license) must also be added.

Only if you are not already enrolled on the e-filing page or if you prioritize this option should you forward the letter and attachments by email.

Nobody other than a taxpayer, a registered representative, or a registered tax practitioner may alter a taxpayer’s banking information under any circumstances.

How do I know if my SARS refund is approved?

Once SARS has processed your refund, you will receive an SMS notification informing you that they have approved it. You can also check the status of your refund on the e-filing portal or SARS MobiApp. If your refund is approved, the status will be updated to ‘Refund Paid’.

Conclusion

Pre-validating your bank account for an income tax refund is crucial in ensuring you receive your SARS refund. It is a straightforward and shielded procedure that can be completed online via the e-filing portal or SARS MobiApplication. Applying the steps highlighted in this writing ensures your bank profile is pre-validated and ready to accept your income tariff repayment.

Remember, keeping your bank particulars up-to-date is indispensable, and inspect your repayment status regularly. If you have any queries or need further help, please contact SARS.

Keep Reading

Explore more →

Savings Tax in South Africa

Today we will be looking at all things tax- and savings-related, from the amount of money you can keep in your bank account without taxation

IT12EI – Return of Income Tax Exempt Organisation

This article explains the measures you can take to file your return of income for an organization(IT12EI ) that does not pay tax. 

How to Submit An Income Tax Return (ITR12)

Income Tax Return (ITR12. Ensuring your income tax return is accurate is critical- and today we have the tips you need to help you.

Who Qualifies for Tax Returns in South Africa?

Not everyone qualifies for tax returns. This article explains everything you want to know about tax returns. 

What Is A Settlement Agreement In South Africa

This blog post will be centred around a settlement agreement in South Africa. Other related questions on settlement agreements will be expatiated

Reasons Why Your Tax Refund Might Be Delayed

Today, we’re exploring more about the South African tax refund process, what often delays it, and how you can aim for the smoothest possible experience.

How to Avoid Paying Capital Gains Tax On An Inherited Property

How to Avoid Paying Capital Gains Tax On an Inherited Property. We'll briefly touch on avoiding inheritance tax in South Africa.

Difference Between Tax Avoidance and Tax Evasion?

Tax avoidance and tax evasion are often used interchangeably. Read on to learn the difference between tax evasion and tax avoidance.    

Tax on Winnings of Game Shows And Lottery

We’ll delve into how much tax is slapped on lottery winnings, whether online gambling platforms like Betway are taxable

SARS Tax Procedure to Follow When An Employee Dies?

SARS Tax Procedure to Follow When An Employee Dies? When an employee's life journey concludes, there are essential steps regarding their tax matters

Why SARS May Reject Your Tax Return

Today we look at the common reasons for rejection of a filed return, and how to resolve these issues for a smooth and compliant tax filing process

What Is SARS Tax Credit?

These include the property rates tax credit, the investment tax credit, the tax credit for medical scheme fees, and the credit for economic development.

What Does a Tax Attorney Do?

This guide explains everything you want to know about the role of the tax attorney, career path, and potential earnings

IT14SD – Company Income Tax Supplementary Declaration

IT14SD – Company Income Tax Supplementary Declaration. Read on to learn about IT14SD Company Income Tax Supplementary Declaration.    

What Is Capital Gains Tax In South Africa?

And to sweeten the deal, CGT offers certain exemptions and concessions for specific taxpayers and circumstances.