Refund banking – IT refunds to be simpler
You file your IT return with a claim for refund; after some months, the refund comes by post. You deposit the cheque in your bank and it takes about a week to get it into your account and sometimes your bank even charges 60 rupees for the service. All this is going to change. Refunds will get credited to your bank account. The assessing officer will most likely be replaced by a central computer which will scrutinize your return and get your refund credited to your account and before you return from Ayakar Bhavan, the refund will be in your bank. Too good to be true? Some such thing is being planned says, revenue Secretary Chandrasekhar.