Income Tax Refunds Have Started Coming - You Can Check in This Link
Income Tax Refunds Have Started Coming - You Can Check in This Link:
The 'Refund Banker scheme' facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers.
Refunds are being sent in following two modes:
RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer's Bank A/c, MICR code/IFSC code of bank branch and correct communication address is mandatory.
Paper Cheque: Bank Account No and correct address is mandatory.
Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker.
Status of 'paid' refund, being paid other than through 'Refund Banker', can also be viewed at www.tin-nsdl.com by entering the 'PAN' and 'Assessment Year'.
'Refund paid' status is also being reflected in the 'Tax Credit Statements' in Form 26AS.
Tax Information Network (TIN) is an initiative by Income Tax Department of India (ITD) for the modernization of the current system for collection, processing, monitoring and accounting of direct taxes using information technology. TIN is a repository of nationwide Tax related information, and has been established by NSDL e-Governance Infrastructure Limited on behalf of ITD.
TIN has two key sub-systems:
Electronic Return Acceptance and Consolidation System (ERACS) which consists of an infrastructure for interface with the taxpayers (a nation wide network of TIN-Facilitation Centres i.e. TIN-FC) and a web-based utility for upload of electronic returns of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) and Annual Information Return (AIR) to the central system of TIN.
Online Tax Accounting System (OLTAS) for daily upload to the central system, the details of tax deposited in various tax collecting branches across the country.