Tax refund directly into your Account
Mumbai: To reduce direct interaction between assessment officers and taxpayers, the Central Board of Direct Taxes (CBDT) that governs the department said that refunds would be transferred directly from the department's online system to taxpayers' accounts.
From October 1, the I-T (Income Tax) department is crediting tax refunds directly to the bank accounts of taxpayers. Now, taxpayers will have to mention their account numbers when they file returns. Until now, getting the refund directly credited to their accounts was one of the options available to assesses. It will now be the norm.
R.K. Singh, Chief Commissioner of Income Tax, Mumbai said, "The system would be put in place gradually and those who have already opted for refunds through cheques will continue to receive by post."
I-T officials said that the new system would not only reduce their workload but also save taxpayers from the trouble of running to department offices for refunds. "Every year, there are complaints that some assessment officers are intentionally holding back refunds and asking for a cut to release them," said an I-T official, requesting anonymity.
It is being heard that the officials often demanded 10 percent of the refund amount as their share. Now, the assessment officer's job ends at processing the returns. Then, the system automatically calculates the refund amount and instructs the bank to transfer this to the taxpayer's account.
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