Most of the people eagerly wait for their tax refund cheque after filing the income tax return. But now are the days gone when you will have to wait for your cheque. Just provide the bank account number along with the MICR code of the bank branch and get it directly deposited in your bank account.

MICR code stands for Magnetic Ink Character Recognition Code. 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.

How can you know your bank branch MICR Code?

• From your Bank Branch or
• From your cheque book – If any bank branch has a MICR code then the same is also printed in the cheque book.

Thus, by just providing the bank account number along with the MICR code of the bank branch in your income tax return you can get the refund directly deposited in your bank account and will not have to wait for your cheque and deposit the same in the bank account.

Tax Returns for Financial Year 2010 -11 (March 2011) has started.  Just mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income.

Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered.

Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns .