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The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T department across the country through video-conferencing from his North block office here today.
The Income Tax Department has saved a potential interest outgo of up to Rs 4,000 crore by an early payout of refunds to taxpayers in April, a top official of the Department said today. In the month of April, we have issued more than 20 lakh refunds all over the country which is a record number of refunds issued in April, Central Board of Direct Taxes Chairman Sudhir Chandra told reporters here.
The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax Act. The Circular will be applicable for claim of refunds for the period upto 31 March 2010.
A recent circular issued by the Central Board of Direct Taxes (CBDT), Circular No. 2/2011 [ F. No. 385/25/2010-IT(B)] (new Circular) dated 27 April 2011, outline the procedure for refund of excess payment of tax deducted at source (TDS) from payments to residents. The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws (ITL) dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for refund.
While CBDT made its stance of wielding the stick for tax evades clear, it also had some goods news for the honest taxpayer. Chandra assured taxpayers that if they filed e-returns, refunds could come within a month as most of the backlog had been cleared.
After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11.
From the desk of Chairman,CBDT S.N. 35/April 15 ,2011. CBDT compliments one & all for their profound sincerity & deep commitment in issuing record number of refunds in the first 14 days of April 2011 & is confident that the remaining refunds would be issued by 20th April 2011. Status of refunds issued from April 1 to 14 2011
he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. “We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds,” chairman CBDT Sudhir Chandra said.
The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. “The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year,” Chandra said addressing the 63rd outgoing batch of Indian Revenue Services (IRS), here yesterday at the National Academy of Direct Taxes.
CBDT highly appreciates & admires the hard work put in by one & all to lower the interest costs & minimize the grievances by prompt issue of around 4.4 lac refunds from April 01, 2011 to April 08, 2011. On the request of ITGOA received through its Delhi Representatives, namely Sh Baswanand & Sh Rajesh Menon, the date for issue of all refunds is extended to April 20 2011. Chairman,CBDT
