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Tax refunds to be credited through ECS
Special Correspondent
NEW DELHI:
The Central Board of Direct Taxes (CBDT) will send tax refunds directly to the taxpayers' bank account from June 2006, provided the bank account number is furnished by an assessee for this purpose, M. S. Darda, CBDT Chairman, said here on Friday.
Talking to media persons on the sidelines of a conference on taxation organised by the Associated Chambers of Commerce and Industry of India (Assocham) here, Mr. Darda said the tax refunds would be sent through the electronic clearing system (ECS) to the respective bank accounts of the persons eligible for it.
It will be a significant movement forward given the fact that many individuals face difficulty in getting tax refunds and have to wait for months.
Mr. Darda said the tax department faced difficulty in sending the refunds, as many persons did not furnish their bank account number while filing their income-tax returns.
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