The ‘Refund Banker scheme’ facilitates transmission of refunds generated on processing of Income tax Returns by CPC-Bangalore/AO to State Bank of India, CMP branch (Refund Banker) for further distribution to taxpayers.
Refunds are being sent in following two modes:
RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer’s Bank A/c, MICR code/IFSC code of bank branch and correct communication address is mandatory.
Paper Cheque: Bank Account No and correct address is mandatory.
Taxpayers can view status of refund 10 days after their refund has been sent by the Assessing Officer to the Refund Banker, Refund Dispatch Status.
‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.