Friends, you know very well about due date to file income tax return for financial year 2010-11(assessment year 2011-12) i.e. 31st July, 2011. In refund case Taxpayee are more careful in more particular to file return in time to get early refund. But in refund cases besides other thing person must stress correctness of PAN,BANK a/c Number and MICR code. The MICR code is mandatory to be filed in refund cases ,if option of direct credit in bank account has been selected. So double sure your self while filing MICR code in Income tax return .Few main things about MICR code is given hereunder for your ready reference.
WHAT IS MICR CODE ?
The MICR code means 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.
MICR code consist of 9 digit :
First three digit (1-3) denotes city and are same/identical first three digit of your pin code e.g. 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.
Digit (4-6) 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.
Last three digit (7-9) 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 ?
Yes, now a days it is used by many organizations to send directly funds in customer account.
WHAT IS MICR CODE ?
The MICR code means 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.
MICR code consist of 9 digit :
First three digit (1-3) denotes city and are same/identical first three digit of your pin code e.g. 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.
Digit (4-6) 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.
Last three digit (7-9) 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 ?
- From your bank branch
- From your cheque book ??
- excel work book link is given below for Micr code for all most all the branches located in India.
Yes, now a days it is used by many organizations to send directly funds in customer account.
- By mutual fund for sending sale receipt of the units to customer account
- Refund of application money in shares .
- Refund of taxes by other department also.
- Refund of application money for real state/plot by govt/private organization.
Download MICR Codes of Bank, Branches in India
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