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Expedious Refund Issue
Expeditor’s Refund Issue by CDBT!
Did we all hear it right?
Well Yes! We have witnessed yet another example of Digital India .This time by the Income Tax Department announcing the issue of refund as one of the high priority works for the Central Board Of Direct Taxes.
The latest statistics released by the Income Tax Department for the current financial year i.e. from 1 April 2016 to 10th February 2017 are mind boggling.
- Refunds issued to almost 39% of the returns processed
- No of Return Processed : 4.19 crores
- No of people who received refunds this year : 1.62 crores
- Amount of Refunds Issued : Rs.1.42 Lakh Crores, which is 41.5% higher than last year.
- 92% return filed processed by CPC, Bengaluru within 60 Days
- Of all the refunds issued, 92% are below Rs.50,000.
Only 2% of the refunds below Rs.50000 is remaining to be issued . The reason being either recent filing of the returns or pending verification from the tax -payer.
This is not enough!
Even the tax-payer’s are responding positively to the CBDT’s e-governance initiatives. This year 4.10 Cr ITR’s were filed electronically, an increase of 20% as compared to previous year.
So, looking at the above facts this can very well be concluded that CBDT is keeping up with its commitment to faster and more efficient taxpayer services especially for the small tax payers.
Kudos to Central Board of Direct Taxes!!!