Smart things to know about income tax refunds

1) Taxpayers are entitled to receiving refunds, if payable, after their returns have been processed by the Central Processing Centre in Bangalore

2) The State Bank of India has been designated the banker for ensuring that refunds are paid to the bank accounts of taxpayers.

3) To ensure that the refund is deposited in the bank account, the assessee must provide correct bank details while filing their returns.

4) The Income Tax Department supports queries regarding the status of refund through the Tax Information Network (TIN) website. One can access it by providing the assessment year and PAN.

5) If a refund is payable, the assessee is provided the refund reference number, date of credit to the bank account, or the dispatch details of the cheque.

The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.