Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR Filing: 6 Ways to Get Exemption on Income Tax
 Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25
 Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?
 Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals

Online tax refunds reduce hardships of I-T assesses
August, 16th 2016

Prime minister Narendra Modi on Monday said online refunds had reduced the hardships of the income tax assesses. Personal income tax refunds of Rs 14,332 crore had been issued till August 5 of this financial year.

“There is a class in the country, especially the middle class and the upper middle class, who is more troubled with income-tax officials than the police.

I have to change this situation, I am trying and I will change it,” he said from the ramparts of the Red Fort. He said there was a time when an honest taxpayer would pay his income tax, even pay extra two rupees so that he does not face any problem. But, once the tax was deposited, he would face difficulties in getting refund, Modi said.

“Now, we have introduced a system of online refund. Refund is done within a time frame of one to three weeks,” the prime minister said.

Tax refunds of Rs 14,332 crore have been issued this year till August 5.

"The Central Processing Centre (CPC) Bengaluru has already issued over 5.4 million refunds totaling to Rs 14,332 crore which includes 2.1 million refunds for AY 2016-17 (current year returns) totaling to Rs 2,922 crore till August 5, 2016," the finance ministry's had said earlier.

If refunds of both corporation tax and personal income tax are taken into account, Rs.64,181 crore have been refunded during April-July, 2016, which is 10.43% higher than the refunds issued during the corresponding period last year

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting