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.