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Business Other News 05 Jul 2018 Taxmen issue Rs 70,0 ...

Taxmen issue Rs 70,000cr refunds

DECCAN CHRONICLE.
Published Jul 5, 2018, 2:27 am IST
Updated Jul 5, 2018, 2:27 am IST
Further, large amounts of refunds have also been issued consequent to processing of income-tax returns, it said.
It said that more than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due.
 It said that more than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due.

New Delhi: The Central Board of Direct Taxes (CBDT) said on Wednesday that the I-T department issued tax refunds worth over Rs 70,000 crore to the taxpayers and nearly all refund claims pending as on June-end has been processed.

The CBDT said that the income tax department had observed a dedicated fortnight from June 1 to June 15, which was later extended to June 30 in certain regions, to expeditiously clear pending matters of appeal effect and rectification.

 

It said that more than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. “Seeing the success of this initiative, the special drive was extended in certain regions up to June 30, 2018,” said the CBDT.

Further, large amounts of refunds have also been issued consequent to processing of income-tax returns, it said. “More than 99 per cent of all refund claims pending for processing as on 30th  June 2018 have already been processed and the refunds due have been issued to the taxpayers,” said the CBDT.

It said that in all, refunds in 45.07 lakh cases have been issued during April-June, 2018, which is 9 lakh more than the refunds issued during the same period last year. “More than 3 lakh refunds of assessment year 2018-19, for which returns have been filed only in last few weeks, have also been issued,” said CBDT. 

“More than Rs 70,000 crore of refunds have been issued to the taxpayers as a result of the special drive and expeditious processing of returns involving claim of refunds,” it said. 

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Location: India, Delhi, New Delhi




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