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Tax refund scheme to cover entire country
November, 13th 2007
The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai.
It will now be extended to the entire country for the non-corporate category of taxpayers. This will facilitate quick and correct issue of refunds, an income tax official said.
Taxpayers are advised to furnish their bank details and electronic clearing system number in their tax returns, so that their refunds can be credited to bank accounts electronically, the official added. With the Refund Banker scheme in place all over the country shortly, the Income Tax Department envisages no difficulty in processing refund cases, the official said.
The Income Tax Department has issued over 30 lakh refunds amounting to Rs 18,448 crore in the first seven months of 2007-08. Refund payouts in the non-corporate personal income tax category were up 47.16 per cent at Rs 6,135 crore against Rs 4,169 crore as compared to the first seven months of the last fiscal.
Refunds of over Rs 14,000 crore pertaining to large corporate cases have also been processed. Out of these, refunds of over Rs 5,400 crore have been issued. The remaining refunds will also be issued by November 30, 2007.
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