The refund banker scheme was started in 2007 under which the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers. You can also check the refund status through the process mentioned below.
Modes of refund
There are two modes of refund:-
- RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer. Bank A/c (at least 10 digits), MICR code of bank branch and correct communication address is mandatory.
- Paper Cheque: Bank Account No, Correct address is mandatory.
How to view status of refund?
The taxpayer would be able to pay the refund 10 days after their refund has been processed by the assessing officer to the refund banker. The taxpayer would have to fill in his PAN number and assessment year. Here is the link to the page https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
Additionally, refund paid status would also be available in the ‘Tax credit statement’ in Form 26AS.
Step 1 – Go to the Income tax e-filing website by clicking here https://www.incometaxindiaefiling.gov.in/home
Step 2 – Click on the option on the left hand side reading – Check refund dispatch Status
Step 3 – Enter the PAN number , assessment year and captcha in the space given
Step 4 – Click on Submit to get the status of your refund
Remember that the last date for filing the Income tax return is 31st July 2018. Post this date, under the new rule you would be charged penalty for late filing.