IT "Refund Banker Scheme" to be extended to other Metros

Refund banker scheme to be extended to Chennai, Kolkata, Mumbai and Banaglore

July 12 (PIB Press Release) - The Income Tax Department launched the ‘Refund Banker Scheme’ to issue refunds expeditiously and correctly. Presently the scheme is operative in Delhi and Patna charges. The CBDT plans to extend the scheme to Chennai, Kolkata, Mumbai and Bangalore from 30.09.2007.

While implementing the ‘Refund Banker Scheme’ in Delhi and Patna charges, it has been noticed that a number of refund vouchers are received back due to incorrect address given by the taxpayers. Some of the taxpayers do not give their correct bank account number on the Income Tax return or fail to give correct MICR code of the bank because of which refund cannot be credited to their account.

Out of 72,397 refunds dispatched by speed post between February and June 2007, as many as 7,264 have been returned undelivered by the postal authorities.

To avoid inconvenience, the taxpayers are suggested to fill up the Tax Return form properly mentioning the correct address at which refund voucher may be delivered, correct bank details i.e. account number, name and branch of the bank, and MICR code of the bank. Taxpayers must also intimate the change of address, if any, to the assessing officer immediately.

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