Tax refund claims of over Rs 1.5 lakh crore pending: Government
March, 09th 2016
Tax refund claims worth over Rs 1.5 lakh crore for various assessment years were pending with the Income-Tax Department as on February 27, Minister of State for Finance Jayant Sinha said today.
"As on February 27, 2016, claims of refund amounting to Rs 1,50,529 crore are pending in the income tax returns filed by the taxpayers for various assessment years," Sinha said in a written reply to the Lok Sabha.
He said the processing of income-tax returns, including returns with refund claims, is continuously taking place.
The Minister said a major part of the pending refunds pertains to current year where returns have been filed in last few months.
Sinha said the Income-Tax Department formulates a Central Action Plan every year for boosting the revenue collections.
"Also action by way of searches and surveys is being done utilised to detect tax evasion in appropriate cases and also to create deterrence against tax evasion," he said.
On the other hand, in the past several years, massive computerisation of various functions of the department has reduced compliance burden and grievances, he further said.
"In the Budget 2016, the government has proposed a limited period compliance window for domestic tax payers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions by paying tax at 30 per cent, a surcharge at 7.5 per cent and penalty at 7.5 per cent, which comes to a total of 45 per cent of the undisclosed income," he said.