Income tax dept may settle 90 lakh refund claims this fiscal
March, 18th 2011
The Income Tax (I-T) department is likely to settle 90 lakh refunds claims this fiscal, the highest in any financial year.
"Already, 74 lakh refunds have been issued and another 15 lakh would be issued till March 31," an I-T official told PTI.
The 74 lakh refunds constitute an amount of Rs 65,000 crore as compared to Rs 49,000 crore in the last fiscal. In the last fiscal, the department had settled 50 lakh refund claims.
Besides, the Central Board of Direct Taxes have instructed the I-T commissioners to personally attend the tax payers queries regarding the refunds and expedite the process.
"We are trying to settle as much as possible refund this year," the official added.
Despite this huge tax refunds, net direct tax collections grew by 20.75% to Rs 3,36,117 crore during the April-February period of the current financial year.
Corporate income tax collections grew by 24.01% to Rs 223,612 crore during the review period from Rs 1,80,318 crore in the corresponding period a year ago. Furthermore, personal income tax grew by 14.76% to Rs 1,12,114 crore.
During this 11-month period, refunds stood at Rs 59,602 crore as against Rs 41,741 crore during the same period last fiscal.