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Tax refund totals Rs 65,000 cr so far this fiscal: FinMin
The Income Tax department has issued a record Rs 65,000 crore worth refunds so far this fiscal, Finance Ministry said Saturday.
New Delhi: The Income Tax department has issued a record Rs 65,000 crore worth refunds so far this fiscal, Finance Ministry said Saturday.
"Between April and now, CBDT has issued refunds to 1.98 crore assesses for an amount of Rs 65,000 crore. This is a record in itself," Revenue Secretary Hasmukh Adhia tweeted.
In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had in December asked Central Processing Centre (CPC) - Bengaluru and the field officers to issue refunds of amounts less than Rs 50,000 expeditiously.
"In the last month's special drive, 18.28 lakh assesses whose refunds were below Rs 50,000 involving a sum of Rs 1,793 crore have been issued," Adhia said.
The Finance Ministry had yesterday ordered expediting the process of issue of small refunds by directing CPC-Bengaluru and the field units that refunds up to Rs 5,000 and refunds in cases where outstanding arrears are up to Rs 5,000 may be issued without any adjustment of outstanding arrears.