USE "MICR" CODE TO GET EARLY REFUND
I have come to know from sources that dept. will sent refund order through UPC instead of registered post earlier,and you can forecast yourself how many refund order will be lost in transit,and how much difficult to get refund order from income tax deptt. second time ???.so what we should do ????
1. Send a request to FINANCE MINISTER to send refund order by REGT POST !!!!!!!?????
2. Fill your bank branch MICR code in INcome Tax Return & get the refund directly in bank account.
I think 99% people opts for 2nd choice.if you are with mass ,than you whould like to know what is micr code???.
WHAT IS MICR CODE
Full text of MICR code is :
MAGNETIC INK CHARACTER RECOGNITION (MICR)
In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.
MICR code consist of 9 digit
First three digit denotes city and are same/identical first three digit of your pin code
for example for New Delhi =110 so first three digit of MICR code of all the bank branches located in NEW delhi irrespective of bank or bank branches will be110.
4-6 digit denotes for Bank
each bank has given a three digit code,4-6 digit is= bank code eg. SBI code is "002"so 4-6 digit of MICR CODE all the the branches of SBI is "002" irrespective of location in the india.
(7-9)Last three digit denotes branch code,it is in serial wise ,means if delhi has only one branch of sbi and its MICR code will be
so if you are located in delhi & your client has given you a Micr code of the bank located in New Delhi ,does’t begin with "110",you can easily tell him your Micr code is wrong.
HOW CAN I KNOW MY BANK BRANCH MICR CODE
1. From your bank branch
2. from your cheque book ??
3. excel work book link is given below for Micr code for allmost all the branches located in India.
from cheque book ????yes ,if your bank branch has a Micr code than it is also printed on your cheque book,check your cheque book if there is a nine digit code and first three digit of the code=first three digit of your pin code than you can have got your MICR code.
so please fill MICR code to get the income tax refund directly into bank account.
WHETHER ALL THE BRANCHES IN INDIA HAVE MICR CODE?????
Is there any benefit for MICR code OTHER than ITR.
yes , now a days it is used by many organistions to send directly funds in customer account.
1. by mutual fund for sending sale receipt of the units to customer account
2.Refund of application money in shares .
3. Refund of taxes by other deptt also.
4. Refund of application money for real state/plot by govt/private organistion.
its use will increase only
MICR CODES OF BANK BRACHES IN INDIA(3.01MB)EXCEL
Micr Code in ZIP FILE(731 kb)updated 16/07/2008
other related term:
- What is Inter Bank Transfer?
Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:
- NEFT – The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RBI acts as the service provider and transfers the credit to the other bank’s account.
- RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.
- What is the minimum / maximum amount for RTGS /NEFT transactions?
|RTGS||Rs. 1 Lakh||No Limit|
|NEFT||No Limit||No Limit|
- When does the beneficiary get the credit for a RTGS payment?Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.
- When does the beneficiary get the credit for a NEFT payment?
The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
- If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
- If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank . Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
- At what time during the day /week is the RTGS & NEFT service is available?
Presently, NEFT is settled in six batches at 09:30 A.M., 10:30 A.M., 12:00 P.M., 1:00 P.M., 3:00 P.M. and 4:00 P.M. hours on weekdays and 09:30 A.M., 10:30 A.M. and 12:00 P.M. hours on Saturdays in RBI. OnlineSBP sends the transaction requests upto 3:30 P.M. on weekdays and upto 11:30 A.M. on Saturdays.
RTGS transaction requests will be sent to RBI upto 2:30 PM. on weekdays and upto 11:30 AM on Saturdays.
- Timing given as on date of publishing , it may be change in future
- What is the mandatory information required to make an RTGS & NEFT payment?The Remitter has to provide the following details:
- Amount to be remitted
- Account number which is to be debited
- Name of the beneficiary bank
- Name of the beneficiary
- Account number of the beneficiary
- Remarks or description, if any
- The IFSC code of the beneficiary branch
- How to find the IFSC code of the beneficiary branch?Based on simple search option- Location, Bank & Branch. The IFSC code will automatically be updated or if you know the IFSC code of the beneficiary bank, you can provide it directly.
- Do all bank branches in India provide RTGS & NEFT service?No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.
- How do I go about using this service?
- You should be an active Internet Banking user with transaction rights.
- Log on to http://www.onlinesbp.com by using your SBP Internet Banking ID and Password.
- Click on the ‘Manage Interbank Payee’ link in the ‘Profile’ tab.
- Select the ‘Add’ option and provide the Beneficiary Name, Beneficiary Account Number, Beneficiary Bank and transfer limit to register the Beneficiary.
- IFSC code of the Beneficiary’s bank can be keyed in by two ways:
- Click the IFSC Code option and a textbox is displayed where you can enter the 11 digit IFSC Code of the Beneficiary Bank.
- Click the Location option, the following are retrieved and displayed.
- Beneficiary Bank Name – Dropdown Menu
- Location – Dropdown Menu
- Branch – Dropdown Menu
- The confirm button will be enabled only after clicking the accept button in the terms and conditions window.
- After providing all the details, the beneficiary will be added. It will be shown whether the added beneficiary bank is RTGS or NEFT enabled.
- After adding the Beneficiary you will receive a high security password in your mobile number. This is done basically to double check your identity. Provide the password to authorize the Beneficiary. After a Beneficiary is authorized you can start transferring funds.
- You can proceed to make payments by clicking the ‘Inter bank Transfer’ link in the ‘Payments/Transfers’ tab.
- According to the transaction type selected (RTGS/NEFT), the credit account details will be displayed depending on whether the branch is RTGS or NEFT enabled or both.
- Select the Beneficiary from the list of registered Beneficiaries.
- You can either confirm or cancel the transaction.
- What are the service charges applicable for RTGS/NEFT transactions?
Commission charges of Rs 25/- is applicable for all RTGS transactions, irrespective of the transaction amount. You can make NEFT transactions up to Rs. 50,000/- WITHOUT ANY COMMISSION CHARGES. For NEFT transactions above Rs. 50,000/- the charges are as listed in the following table:
Scheme Amount Rate Minimum Charge Maximum Charge RTGS RS.ONE LAKH AND ABOVE Rs.25/- per transaction Rs.25/- Rs.25/- NEFT Upto Rs.50,000 Nil Nil Nil Above Rs.50,000/- Rs.25/- Rs.25/- Rs.25/-
NOTE:THESE RATES ARE OF STATE BANK OF PATIALA . RATE OF OTHER BANK MAY BE SLIGHTLY DIFFERENT.
LIST OF BANK BRANCHES HAVING NEFT (2.9 mb)
Considering that more than 26,000 branches at more than 3,000 cities/ towns.COMPLETE LIST OF BANK BRANCHES IS of 2 GB ??????,SO LINK IS NOT PROVIDED ,CONTACT YOUR BRANCH .
List of BSR Codes
List of BSR codes of branches authorised to collect direct taxes (as informed by respective banks)(source :TIn-nsdl)
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sindh Bank
Punjab National Bank
Reserve Bank of India
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of India
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
State Bank of Saurashta
The Jammu and Kashmir Bank
Union Bank of India
United Bank of India
bsr code of bank branch remain same in indirect taxes but some of bank braches are not authorised to deposit indirect taxes though authorised to receive Direct taxes.
I have seen that CBDT or tax authority always makes rules for tax payers but this time they have come up with rules which is applicable for themselves .It is self regulation measure which is help full in curb the Inspector raj in income tax department and further reduce the role of middle man and create a transparent atmosphere.
what is this step/rule.???
The rule is that Income tax department will Allot of Document Identification Number(DIN) on each communication made within or with the assesse(taxpayer)both incoming and outgoing letter .DIN will be generated/alloted through computer.
The new Section 282B of the Income Tax Act reads as,
(1) Every income-tax authority shall allot a computer generated Document Identification Number in respect of every notice, order, letter or any correspondence issued by him to any other income-tax authority or assessee or any other person and such number shall be quoted thereon.
(2) Where the notice, order, letter or any correspondence, issued by any income-tax authority, does not bear a Document Identification Number referred to in sub-section (1), such notice, order, letter or any correspondence shall be treated as invalid and shall be deemed never to have been issued.
(3) Every document, letter or any correspondence, received by an income-tax authority or on behalf of such authority, shall be accepted only after allotting and quoting of a computer generated Document Identification Number.
(4) Where the document, letter or any correspondence received by any income-tax authority or on behalf of such authority does not bear the Document Identification Number referred to in subsection (3), such document, letter or any correspondence shall be treated as invalid and shall be deemed never to have been received.”
After application of this section the Income tax dept will allot DIN(document identification Number) on each incoming or outgoing letter/Notice.so after this either of the party can not deny existence of the letter/memo/notice.This system will be beneficial for most of Honest tax payers .
The entire office administration will automatically improve if you have control over the inward and outward correspondence. And the government seems to be serious – that’s why they have inserted these provisions in the Act – instead of issuing circulars which are anyway going to be flouted with impunity.