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When did the refund banker scheme commence?
The refund banker scheme has been in operation since the 24th of January 2007.
In which parts of the country is the refund banker scheme available?
The refund banker facility is available all across the country for all non-corporate taxpayers.
Who processes and sends the refunds?
The refund banker of the Income Tax Department is the State Bank of India. The refunds falling under the refund banker scheme are processed by a department of the State Bank of India known as the Cash Management Product Dept. Particulars of the refunds emanate from the Income Tax Department and the Cash Management Product Department conducts the processing and the sending of the refunds to the non-corporate taxpayers.
In what mode will I receive the refund?
Refunds are ether credited directly to the taxpayer’s bank account if the taxpayer has chosen this mode of refund. For those who have not chosen this mode of refund they will get their money either by a demand draft or a cheque.
Is it possible to find out my refund’s status?
Yes. This can be done by either visiting the NSDL-TIN website or the Income Tax Department Website. The web addresses are www.incometaxindia.gov.in and www.tin-nsdl.com respectively. To track the refunds’ status click on ‘Status of Tax Refunds’ and then enter the Permanent Account Number and the year for which you are claiming the refund.
Alternatively the other method of tracking the status of a refund is to call the State Bank of India on 18004259760 which is a toll free number. You can also email SBI on firstname.lastname@example.org.SPONSORED LINKS
Who should be contacted in case of change of address?
The tax payer should get in touch with their assessing officer and let them know about the address changes.
What steps should I take in case the bank account where my refunds are usually credited to is closed?
Where there are changes in a bank account number the assessing officer should be notified. The new account number plus the MICR code where the taxpayers wishes to have their refunds credited to should be passed on to the assessing officer.
Who is to be contacted in the event that the refund already sent has not been received?
The non-corporate tax paer should get in touch with their local post office. They should have the speed post reference number with them. This number can be accessed on the website of NSDL-TIN.SPONSORED LINKS
My account remains uncredited and yet the physical ECS refund advice has been sent and also the status of refund on the website says it’s been paid out?
In the event that the refunds have not been received in your bank account but you have already been sent the refund advice and the refund status on the website says ‘paid’, you should get in touch with the State Bank of India or your bank.
What should I do if the refund cheque is past its validity date and I am yet to cash it?
You should get in touch with the State Bank of India and also your Assessing Officer.