In general the tax refunds are meant to be the excess of tax payment over the tax liability. People are in a hurry to get their tax refunds as early as possible but they always cause delay in filing their Income Tax Returns in time. Income Tax Refunds generally takes months or years to get back. To wait for such tax refund for a long time after filing return is very disappointing for any individual.

Delay in refund is caused due to the wrong or incorrect information being provided by the assessee in respect of Bank details and other relevant details. Providing inaccurate bank details is the main reason for delay in getting the refunds.

Some other reasons for not getting refund are as under:-

• Incorrect PAN number provided
• Wrong bank account details provided in the tax return
• Change of address without proper intimation to the tax department
• Delayed tax return filing or non-filing of returns

If the tax liability is same as that of tax paid no chances of refund arises. But if tax paid and deducted differs there arises the situation of claiming the refund back. In order to claim tax refunds Bank details are a significant aspect. Sometimes the tax payer provides incorrect bank account number, wrong MICR code or incorrect address which leads to delay in getting the refunds. The type of account i.e. savings or current should also be provided by the assessee in order to avoid any hindrance in getting the refund in time.

MICR code is a mandatory requirement for getting refund nowadays. MICR Code stands for Magnetic Ink Character Recognition Code and it’s a 9 digit number of which the first 3 digits (1-3) denotes the Pin Code of the City, middle 3 digits (4-6) denotes for Bank Code and Last three digit (7-9) denotes Branch Code of Bank. In MICR technology the information is printed on the instrument with a special type of ink, made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system minimizes the chances of error and clearing of cheques becomes simple and also transfer funds quicker in order to facilitate operations.

In order to get the tax refunds directly into your Bank account, one needs to be very cautious while filing your return and also at the time of filling the relevant bank details required in the form. Any wrong information in respect of your bank details and will cause delay in getting the refund. Thus, providing proper and correct Bank Account No., MICR code and type of accounts will help the assessee in claiming the tax refunds directly into their Bank account without any further delay.