TAX REFUNDS IN FOUR MONTHS

With the refund banker scheme, individual and small corporate tax payers will get income or corporate tax refunds in four months. The refunds, arousing out of tax payments and TDS collections, usually takes more than a year to reach the average tax payers. According to senior finance ministry official, the refund- banker scheme may also be implemented across the country. Tax payers who have filed their return for the assessment year 2008-09 may now write to their area income-tax
assessment officers quoting their magnetic ink character recognition (MICR) codes (used in the bank industry for cheques processing) and vital bank account details. This will help the department to send refunds quickly in any part of the country.