Now, Track Status Of Your Income Tax Refund Online
Individual taxpayers can now track the status of their income tax refunds online at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html according to the Business Standard.
To begin with, the facility has been made available in six cities, Delhi, Mumbai, Bangalore, Chennai, Kolkata and Patna, and will be extended nationwide in a phased manner. Status will be available only for those taxpayers whose refunds are to go through refund banker pilot scheme
Under the refund banker scheme, the refund amount will be either transferred electronically to the bank account of the taxpayer or be sent sent by way of a cheque delivered by courier.
For faster processing of refunds, details of bank account like the bank, branch and MICR code (a nine-digit number on the bottom of the bank cheque) should be clearly mentioned in the tax return form.
The Income Tax Department plans to substantially reduce the return processing time, which is at present at least four months - do I hear a sigh of relief?
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