On the 24th January 2007, the government of India began the “refund banker scheme”. In many cities across India, it is now operational for non-corporate tax-payers. The citizens of Delhi, Mumbai, Kolkata, Chennai, Bhubaneswar, Ahmadabad, Patna, Hyderabad, Cochin, Trivandrum, Allahabad, and Kanpur are eligible for filing their assessment under this scheme.
All about Refund Banker Scheme
Under this scheme, the refunds from income-tax returns by the assessing officer get transferred to State Bank of India, CMP branch. As this branch is situated in Mumbai, the bank makes further distribution of tax only on next day.
How the tax-payers could get tax refunds?
Cash transfer through RTGs/NECS – The bank makes cash transfers to the accounts of tax payers through RTGs and NECs. For this, the tax-payer would submit his 10 digit bank account number and MICR code of the branch. Along with all these information, he would give his correct address for communication.
Payment through paper cheque – The income-tax department also issues paper cheques, which gets credited to the bank account of tax-payer. For this, the tax-payer would give his account number and correct address for communication.
When could the tax payer view the status of tax refunds?
The Income-tax department takes 10 days to display the information in account of tax-paper. He could check the status by entering the PAN number and assessment year.
Communication of Change of Postal address
For any change in postal address, the tax-payer would communicate to the Assessing officer and get the address registered for future postal communication.
Change of Bank by the tax-payer
When the tax-payer changes his bank, he would inform the Assessing Officer about the change of bank and give the new 10 digit bank account number with MICR Code with the address of new bank.
Who to contact for non-receipt of already dispatched tax-refunds?
If the information about tax refund is available on the website of NSDL about transfer of refund amount to the tax-payer account, he would contact the local post office with the speed post number displayed in the website of NSDL-TIN.
What to do when ECS advice for refund and refund status not matching?
When the tax-payer has not received ECS advice for tax-refund and status of his refund is still “unpaid”, he would have to contact the Assessing officer and make a request to him to give an order to SBI to give a new cheque.
How to check the TDS refund status online?
In order to know about refund status, the tax-payer would log on to NSDL website here and he would give the “PAN” number as well as “assessment year” on this page to get the right status of his tax refund.
The TDS refund tracking tool looks like above screen where you will have to enter the PAN number and choose the Assessment year.