sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How to submit Form 15H, Form 15G to avoid TDS on interest income
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department

I-T may route refunds via banks
August, 31st 2006
The income tax department is actively considering a proposal of refund bank. If the proposal comes through, income tax refund function of the department would be routed through a bank. This would be done on the lines of the issue of permanent account numbers being outsourced. This would make getting income tax refunds easier for tax payers. As per the proposal, the tax refund function of the department would be routed through refund bankers which will credit refund to assessees. This would be designed on the lines of allotment of permanent account numbers by NSDL and UTIISL, said sources. The refund banker would credit refund to assessees either in paper form or paper less form through the electronic clearing system. The income tax department would asssess an individuals tax returns and if there is a case of refund forwards the name to bank. The department would compile a list of such assessees and the quantum of refund which will then be sent to the bank in electronic mode. The banks would get some charges from the department for rendering this service. The department has already discussed the proposal with certain banks. It would be worked out in tandem with the introduction of zone-free return filing. With the zone-free filing, an assessee in one city (zone) would be able to file his or her return in another city (zone). This would happen with the department going for a consolidated single server instead of multiple ones at different locations, as at present. It will also enable assessees to receive refunds in same manner.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions