New Delhi: Income-tax 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 has already processed over 4.19 crore I-T returns 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 priority given to the expeditious issue of refunds to small taxpayers. “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,” it said....