Financial Daily from THE HINDU group of publications
Tuesday, Sep 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 07, 2004 |
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Income Tax Industry & Economy - Income Tax I-T refund via ECS Our Bureau
New Delhi , Sept. 6 SALARIED taxpayers in 12 cities can now get their refunds, if any, directly credited in their respective bank accounts. The Income Tax department has introduced electronic clearance scheme (ECS) for refunds up to Rs 25,000 in cases of salaried taxpayers filing returns in Form 2E (naya saral). This scheme would be available for taxpayers in New Delhi, Mumbai, Chennai, Ahmedabad, Bhubaneshwar, Nagpur, Kanpur, Bangalore, Hyderabad, Patna, Kolkata and Thiruvananthapuram. Once the return is processed, the refund (if any) would be credited directly to the bank account indicated in the return of income. Taxpayers wishing to avail themselves of this scheme should indicate required bank details on the form. To this end, the Central Board of Direct Taxes (CBDT) has recently notified modified form 2E for salary returns that contain columns for providing details of bank accounts.
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