Friday, May 24, 2024 | Last Update : 11:39 AM IST

  Business   In Other News  14 Feb 2017  I-T claims 42 per cent higher refunds

I-T claims 42 per cent higher refunds

THE ASIAN AGE.
Published : Feb 14, 2017, 6:48 am IST
Updated : Feb 14, 2017, 6:55 am IST

There has also been 20 per cent increase in people filing their income-tax returns electronically.

I-T department said that Centralised Processing Centre (CPC) has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the period.
 I-T department said that Centralised Processing Centre (CPC) has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the period.

New Delhi: Income-tax (I-T) department claimed on Monday that it has issued 42 per cent higher refunds at Rs 1.42 lakh crore during the current financial year up to February 10, 2017.

I-T department said that Centralised Processing Centre (CPC) has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the period.

“As a result of the emphasis on the 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,” said the department.

Of the refunds issued, 92 per cent are below Rs 50,000 due to the high priority is given to the expeditious issue of refunds to small taxpayers, it said. “Only 2  per cent of refunds less than Rs 50,000 are remaining to be issued. The majority of these cases relate to recently filed ITRs or where the taxpayer’s response to the department is awaited,” said I-T department.

There has also been 20 per cent increase in people filing their income-tax returns electronically.

Around 4 crores ITRs were filed electronically until February 10, 2017, said I-T department. Also, more than 60 lakh other online forms were filed with an increase of nearly 41 per cent compared to the previous year, it added.

“Taxpayers are advised 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 programs and increasing the coverage and scope of electronic filing and processing of various forms and applications,” said I-T.

Tags: income-tax department, taxpayer, income tax returns