The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi.

Even as income-tax payers grapple with non-acceptance of their returns, it’s surely not a good time to expect refunds. Refunds across the country will be enormously delayed as the software at the new Centralised Processing Centre (CPC) of the I-T department is yet to be rid of bugs. The net result is that processing tax returns [...]

There are two modes of refund; i.e. ECS and paper. If the taxpayer has selected mode of refund as ECS (direct credit in the bank account of the taxpayer) at the time of submission of income return and provided the correct account number along with the MICR code, the refund will be effected through ECS by CMP SBI. A physical advice of refund credited will also be sent to the taxpayer by post. From May 2008 refund is also effected by National Electronic Fund Transfer (NEFT).

Speeding up the process of filing income-tax returns and making it more convenient, a software called `Uttam Sewa’ has been prepared by the department concerned to facilitate the work of over three lakh assessee across city and Mohali. Scheduled to be launched in the city by July 15, the software will not only ensure a [...]

MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a [...]

During 2007, the then Finance Minister P. Chidambaram launched an innovative scheme called as Refund banker Scheme. It was first introduced in New Delhi and Patna. Since then, the scheme has been extended to other cities in India. Here, we take a look at the Refund Banker Scheme, its pros and cons.  Refund Banker Scheme:-A [...]

Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a year to reach the average taxpayer. “Tax and TDS refunds will now reach the individual and [...]

Meticulous and diligent tax payers waiting for refunds at the end of the financial year would be shocked at this: money meant for refunds is suspected to have been diverted to some fake accounts and the authorities have initiated a police probe into the racket. As many as 10 complaints have been filed by the [...]

Where any question arises as to the period to be excluded for the purpose of grant of interest under section 244A (1), the same is necessarily and mandatory to be decided either by Chief CIT or CIT and not by the AO or the Commissioner (Appeals).   ITAT DELHI BENCH `E’, NEW DELHI Power Finance [...]

Refund Banker is a scheme wherein a scheduled bank is authorised to issuerefund instruments, either in paper form or electronically, on behalf of theIncome-Tax department. Under this scheme, assessees benefit from faster tax refunds and direct credit into their bank accounts on the lines of dividend payments made bycorporates to shareholders. State Bank of India (SBI) is already operating as the ‘Refund Bank’ for the Income-Tax department in Delhi, Patna, Chennai,