Fin Min plans 100% I-T e-refunds
Soon, income tax refunds will be quick and hassle-free, if the finance ministry has its way. The ministry plans to make all refunds directly to the taxpayer's bank account. A permanent account number (PAN) linked with the bank account number, just like Aadhaar, is integral to the Income Tax Department's plans. This way, the scope of the amount being transferred to a wrong account number is eliminated. However, RBI is not comfortable with the idea of making PAN linkage mandatory for electronic transfer of all income tax refunds. "We want to move towards 100 per cent ECS (electronic clearance service). But for that, we will need both the PAN and the bank account number. The system will process the refund only when both the numbers entered by the tax department are correct. At the moment, RBI has some reservations and we are trying to convince them," said a finance ministry official.
Source : http://www.business-standard.com/article/economy-policy/finmin-plans-100-i-t-e-refunds-113031800029_1.html
Soon, income tax refunds will be quick and hassle-free, if the finance ministry has its way. The ministry plans to make all refunds directly to the taxpayer's bank account. A permanent account number (PAN) linked with the bank account number, just like Aadhaar, is integral to the Income Tax Department's plans. This way, the scope of the amount being transferred to a wrong account number is eliminated. However, RBI is not comfortable with the idea of making PAN linkage mandatory for electronic transfer of all income tax refunds. "We want to move towards 100 per cent ECS (electronic clearance service). But for that, we will need both the PAN and the bank account number. The system will process the refund only when both the numbers entered by the tax department are correct. At the moment, RBI has some reservations and we are trying to convince them," said a finance ministry official.
Source : http://www.business-standard.com/article/economy-policy/finmin-plans-100-i-t-e-refunds-113031800029_1.html
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