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I-T Dept streamlines tax refund
July, 23rd 2010

In a move that will speed up the issuance of I-T refunds, the Income Tax Department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh and Rs 25,000, respectively, at the stage of processing of income tax returns itself.

The Central Board of Direct Taxes (CBDT) has communicated the order applicable for the assessment year 2009-10 to all the Chief Commissioners of Income Tax in various tax collecting ranges across the country.

"The I-T department has taken the step to fasten and streamline the process of issuing refunds. The order will be beneficial in view of the income tax returns filing, which will happen till this month end," a senior I-T officer said.

In all other remaining cases, the claims would be processed after proper verification, the officer added.

"In all the returns filed in ITR-1 and ITR-2 for assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakh and where the refund computed does not exceed Rs 25,000, the TDS claim of the tax payer shall be accepted at the time of processing the return," the order stated.

ITR-1 deals with pensioners' income and others, while ITR-2 deals with income from house property and others.

"In all the returns filed in forms other than ITR-1 and ITR-2 for the assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakh and the refund computed does not exceed Rs 25,000 and there is 10 per cent matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return," the order added.

 
 
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