(1) Recovery of tax may also be collected from the assessee through direct transfer from the assessee’s bank account to the government bank account.

(2) The amount owed to the assessee shall be refunded through electronic transfer to the assessee’s bank account.

(3) Notwithstanding anything contained in this Act or any other law, if the assessee files the return in the self-assessment manner, if the return process is completed by the Deputy Commissioner and there is a refund, the said refund shall be electronically transferred within 60 (sixty) days to the bank mentioned in the assessee’s return.

(4) The Board may make rules prescribing the procedure, conditions, qualifications and limits for collection or refund of tax by bank transfer as described in sub-sections (1), (2) and (3).