ISLAMABAD, Dec 26: The Central Board of Revenue (CBR) on Monday allowed direct credit of the refund of income tax to the taxpayers through banks.
The decision was made through a notification issued here to facilitate the taxpayers and to make the refund of taxes smooth and transparent.
According to the decision, the CBR simplified the income tax refund payment system by providing direct credit of taxes paid, in excess, through the bank account of the taxpayers.
The new system eliminated the lengthy process of issuing refund vouchers and presenting the same by the taxpayers for encashment through the banks. In order to avail this facility the taxpayers have been requested to provide particulars of their bank account for direct credit of the refund of income tax.
The particulars asked for include account number, title of account, and address of the branch. The information may be indicated on the return of total income, statement of final taxation and the refund application, as the case may be, for this purpose.
