Income Tax Refund Procedure

If you are trying to get income tax refund then you must know about income tax refund procedure and that refund banker scheme started on 24 Jan 2007.  This system of refund is functional for non-corporate tax payers now. This covers assessments done in Kanpur, Delhi, Allahabad, Mumbai, Chandigarh, Kolkata, Trivandrum, Chennai, Cochin, Patna, Bangalore, Hyderabad, Pune, Bhubaneswar and Ahmadabad.

Under this scheme the income tax refund procedure starts with the generation of refunds on processing of Income tax returns. This is done by an assessing officer. These refunds are then transferred to SBI, CMP branch in Mumbai. This transfer happens the next day of this assessment by assessing officer and is then distributed amongst the tax payers.

The refunds can be sent either by RTGS or NECS or by paper cheques. The first mode involves transferring the amount directly to your bank account. Here you need to furnish correct bank account number, MICR code of your branch and address of communication. When the refund is made by cheque then you just need to have correct bank account number.

To view the refund status you can log on to www.tin-nsdl.com  or www.incometaxindia.gov.in. Enter you PAN and the year of assessment and you get the information just after the 10 days after the assessment has been done.

    Related Articles
  1. e filing of Income Tax Return
    In this electronic age when IT is successfully performing in so many fields and providing services from online banking to online news, online mutual fund investments to online buying and selling, the Income Tax Department of India launched the Electronic Filing (External website that opens in a new window) of income tax returns. ...
  2. Income Tax Refund Status 2010
    If you are trying to get income tax refund and you want to check the income tax refund status 2010 then you can simply log on to www.incometaxindia.gov.in . This is the most trusted site for getting income tax refund status 2010. You must know that you can find many websites claiming to help you...
  3. Income Tax Refund Status 2009
    Income Tax Refund Status 2009 If you are trying to check income tax refund status 2009 then you need to log in to www.tin-nsdl.com  or www.incometaxindia.gov.in. These links can get you on the page where you can easily get income tax refund status 2009. You must know that there is no fee involved in this...
  4. Income tax refund status toll free number
    Income tax refund status toll free number Every Indian citizen has to pay some amount as income tax depending upon the tax slab in which he/she falls. You should always pay your Income Tax on time. It is Government’s right and you should not cheat in order to abstain yourself from paying Income tax. The...
  5. Income tax e-filing acknowledgement
    Income tax e-filing acknowledgement E-filing is the process of filing your Income Tax return electronically through internet. E-filing of income tax return is mandatory for all companies which require statutory audit u/s 44AB. No other Income tax returns filing will be accepted for such companies. E-filing is basically of following three types: E-filing with digital...