Must Know About Income Tax Refunds
Here are the few points that you must know about Income Tax refunds:
1. Taxpayers are entitled to receiving refunds after their returns have been processed by the Central Processing Centre in Bangalore.
2. The State Bank of India has been designated the banker for ensuring that refunds are paid to the bank accounts of taxpayers.
3. To ensure that the refund is deposited in the bank account, the assessee must provide correct bank details while filing the returns.
4. The Income Tax Department supports queries regarding the status of refund through the Tax Information Network (TIN) website. You can access it by providing the assessment year and PAN.
5. If the refund is payable, the assessee is provided the refund reference number, date of credit to the bank account or the dispatch details of the cheque.
6. Refunds for returns which are filed online are released early than the manual returns.