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Refund

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 January 2011 We have recd Demand Draft for Income Tax Refund for A Y 2008-09 from Cash Management Product - SBI-F.A.S.T. 31, Mahal Industrial Estate, Off Mahakali Caves Road, Andheri (E), Mumbai - 93.
We want to know whether IT Dept has given work of issuing refunds to above Agency ? and can we deposit this in our bank acount ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
05 January 2011 It is understood that IT Refund issuing is entrusted to SBI from the following extract of an FAQ.

In the ‘Refund Banker Scheme’ the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayer.

In view of the above, if the refund amount is legally belonging to you, the instrument can be deposited in your bank account.
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