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