« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  I-T dept trains eyes on real estate... IFA seminar on global taxation... » 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.