Income tax refunds for FY16-17 rise over 20% to Rs1,42,000 cr so far
14 February 2017
The income tax department has processed over 41.9 million income tax returns (ITRs) and issued refunds of around Rs1,42,000 crore so far this fiscal (till 10 February), which is 41.5 per cent higher than last year's.
The Centralised Processing Centre (CPC) of the tax department has already processed over 41.9 million income tax returns (ITRs) as the department focused on expeditious issue of refunds, according to an official statement.
Expeditious issue of refunds is a high priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) were processed and over 16.2 million refunds were issued during the current financial year up to 10 February 2017.
As a result of emphasis on expeditious issue of refunds, 92 per cent of all income tax returns were processed within 60 days demonstrating CBDT's commitment to faster and more efficient taxpayer service, the statement said.
Of the refunds issued, 92 per cent are below Rs50,000 due to the high priority given to expeditious issue of refunds to small taxpayers. Only 2 per cent of refunds below Rs50,000 now remain to be issued, it added.
A majority of these cases relate to recently filed ITRs or where the taxpayer's response to the department is awaited.
Electronic tax filing by taxpayers increased over 20 per cent year-on-year to 40.1 million ITRs till 10 February 2017, it said, adding that more than 6 million other online forms were filed with an increase of nearly 41 per cent compared to the previous year.
CBDT has advised taxpayers to verify and update their email address and mobile number on the e-filing website to receive electronic communication. ''CBDT is committed to ensuring best possible taxpayer services through its e-governance programmes and increasing the coverage and scope of electronic filing and processing of various forms and applications,'' the statement added.