Now IFSC Code Required for Filing IT Returns

IFSC code of Bank Required instead of MICR

Vide Notification no. 34/2013 dated 1^st May 2013 regarding new ITR Forms  the assessee will be under the obligation of providing IFSC code of their Bank accounts in the Return instead of MICR code  (as was being provided in the previous year’s return). It is another headache for the tax professionals as they
collected MICR  codes  last year of all thier assessee's bank accounts and from now on wards they will be collecting  the information in respect of IFSC codes. Dept. of Income tax   is not allowing the tax  professional  to settle down. As and when they start thinking that they have set their system as per prescribed format a change is introduced to hassle the whole thing, despite of the fact that the Govt. is in the process of making a system of hassle free e-filling.