Expeditious issue of refunds is a high priority for CBDT
New Delhi [India], Feb 13 (ANI): The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) on Monday said that it has processed over 4.19 crore Income Tax Returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to 10th February, 2017.
The amount of refunds issued at Rs.1.42 Lakh crore is 41.5 percent higher than the corresponding period last year.
As a result of emphasis on expeditious issue of refunds, 92 percent of all Income Tax returns were processed within 60 days demonstrating CBDT's commitment to faster and more efficient taxpayer service.
Of the refunds issued, 92 percent are below Rs. 50,000 due to the high priority given to expeditious issue of refunds to small taxpayers. Only two percent of refunds less than Rs. 50,000 are remaining to be issued. Majority of these cases relate to recently filed ITRs or where the taxpayer's response to the Department is awaited.
The taxpayers reposed their faith in CBDT's e-governance initiatives by filing electronically a whopping 4.01 crore ITRs till 10th February 2017 representing an increase of 20 percent over the previous year. Also, more than 60 lakh other online forms were filed with an increase of nearly 41 percent compared to the previous year.
Alos, the taxpayers are advised to verify and update their email address and mobile number on the e-filing website to receive electronic communication.
The Central Board of Direct Taxation (CBDT) is committed to ensuring best possible taxpayer services through its e-governance programs and increasing the coverage and scope of electronic filing and processing of various forms and applications. (ANI)