Refund process simplified, get credit directly in your bank account

With simplified Income Tax Return, Income Tax Department is in a plan to provide more simplicity to taxpayers. As already mentioned in our recent article, Race for filing Income Tax Return begins with simplified ITR Forms, the Department ensures safely deposit of refund directly to respective personal bank accounts.
As per present situation, I-T Refunds over Rs. 50,000 is sent via cheques through the postal department. To overcome the grievances of taxpayers, CBDT is working on the said plan on priority basis. Thus, department is planning to fully adopt and use banking services.
In the present scenario, this plan has to be executed with much effort and cautiously. When a refund is sent directly to a taxpayer’s bank account, the existing protocols are such that banks do not match the name to the account number. Refund gets deposited in the bank account provided by the taxpayers while filing its return even if the account number provided is registered in the name of any person.
There are many instances where taxpayers provide wrong account numbers and the banking systems do not match the name with the account number provided. This situation leads to complexities and taxpayers remain aggrieved. Thus, CBDT, the apex policy-making body of I-T department, thought of bringing about some changes.
As per the sources, CBDT is trying to develop a system wherein account number provided by the taxpayers can be matched with the name of account holder prior to refund in the account. Therefore, department is aiming to ensure that the cost of compliance for a taxpayer vis-a-vis his or her tax liabilities becomes as low as possible and that grievances are handled and resolved on priority by the I-T department.
Department is also taking the grievances redressed on priority basis. It aims to close the grievances within 60days of filing. Through all these measure department is trying to bring taxpayers at an ease with minimum or no grievances. With the prevailing issue it is not going to be an easy job for the department but it is trying to bring major changes in the current working system to cope with the issues.
Modi Government is thus, putting its effort in all the direction for the comfort of people. After the introduction of simplified ITR Forms, government is planning to simplify the refund process too.
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