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Refunds Issued by Income Tax Dept Rise by 41.5%

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The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than a year ago, after processing 4.19 core income tax returns. The department said in a statement that 92% of the refunds issued are below Rs.50,000 due to the high priority given to expeditious issue of refunds to small taxpayers.
Only 2% of refunds less than Rs.50,000 remain to be issued, the department said. Many of these pertain to returns filed recently or cases where the taxpayer's response to the department is awaited, it said.
The department advised taxpayers to verify and update their email address and mobile number on the e-filing portal to receive electronic communication.The Centralised Processing Centre processed 92% of all returns within 60 days. As many as 4.01 crore returns were e-filed till February 10, marking a 20% increase over FY16.
The Economic Times New Delhi,14th February 2017

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