Monday, May 16, 2011

USE "MICR" CODE TO GET EARLY REFUND


on Monday, May 16, 2011

From 01.04.2011 Assessment year 2011-12 has started and assessee may file their income tax return for Fy 2010-11.Notification of the Income tax return forms for the Assessment year 2010-11. 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 (1-3) denotes city and are same/identical first three digit of your pin code
for example first three digit of Pin code of  New Delhi =110 so first three digit of MICR code of all the bank branches located in New Delhi must be 110.

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

110(FOR CITY)

002(FOR BANK)

001(FOR BRANCH)


"110002001"

so if you are located in delhi & your client has given you a Micr code of the bank located in New Delhi , doesn'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?????

NO.

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(3.7MB)EXCEL

Micr Code in ZIP FILE(731 kb)updated 16/07/2008,You can search your ban branch Micr code from below table .Use zero before figure where ever city code, Bank code,branch code is less than 3 digits .


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