Refund banker system to be implemented next year: CBDT
August, 14th 2007
Long wait for income tax refunds will be a thing of the past as tax-payers will get their dues back within three days of assessment of claims when the Refund Banker System is extended throughout the country from the next financial year.
"As a pilot project, Refund Banker System has already been launched in New Delhi and Patna and is quite successful and it is expected that by the next financial year, the system will be implemented in all over the country," B M Singh, chairman of Central Board of Direct Taxes, said here today.
Singh, who was here to attend a conference on direct taxes, told reporters that the e-return system has been implemented in the country and till now 1,46,000 companies have filed returns electronically. Till now only companies were allowed to file e-return but by next financial year all tax-payers would be allowed to file e-return, he added.
He also said the income tax department was computerising its records. It is also setting up a three-tier system to keep records at several levels for making the system fool-proof and streamline the scrutiny of tax returns, he said.
Asked about Finance Minister P Chidambaram's recent statement hinting relaxation in tax structure if collections were satisfactory, Singh said "giving relaxation in the tax structure is the prerogative of the finance minister".
The government had set a target of collecting Rs 2,67,000 crore from direct taxes and it is expected that the target would be achieved, he added.