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Income Tax dept issued ₹64,700 crore refund in current fiscal

25-Jun-2019

The Income Tax department has issued 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for assessment year 2018-19 (financial year 2017-18), up 18.65% from over 5.47 crore in assessment year 2017-18.

"The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5% of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with increased use of technology the time taken to process ITRs is constantly reducing.

Refunds amounting to 64,700 crore have already been issued in this financial year till June 18, 2019 and the total amount of refund released in Financial year 2018-19, was over 1.61 lakh crore.

In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said.

The project envisages pre-filing of ITRs by the I-T department so as to improve accuracy of information contained in the return and drastically reduce the time taken to process returns and issue refunds.

Source : Live Mint

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