Tax refunds of Rs 1 lakh crore issued so far in FY16
February, 09th 2016
The Income Tax department has issued refunds worth Rs 1 lakh crore till January in the current fiscal, the Finance Ministry said today.
"Income Tax department has so far issued refunds of Rs 1 lakh crore to 1.75 crore assessees in 10 months of 2015-16 fiscal," Revenue Secretary Hasmukh Adhia tweeted.
Aimed at reducing taxpayer grievances and promoting tax-friendly environment, Central Board of Direct Taxes had in December asked officers to issue refunds of amounts less than Rs 50,000 expeditiously.
CBDT had also directed field officers make refunds of up to Rs 5,000. In addition, it directed that refunds, which also have cases of dues of up to Rs 5,000, may be issued without any adjustment of outstanding arrears.
"This (Refund) has created major relief to tax payers. This demonstrates Government's intention to create a tax-friendly environment," Adhia said.