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IT Department processes over 4.19 crore tax returns, issues 1.62 crore refunds till Feb 10

The Centralised Processing Centre Of The Income Tax Department Has Already Processed Over 4.19 Crore Income Tax Returns (ITRs) And Issued Over 1.62 Crore Refunds During The Current Financial Year Up To February 10.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 13 Feb 2017, 07:07:47 PM
Income Tax - File Photo (getty)

New Delhi:

The Centralised Processing Centre (CPC) of the Income Tax Department (ITD) has already processed over 4.19 lakh crore Income Tax Returns (ITRs) and issued over 1.62 crore refunds during the current financial year up to February 10.

A number of refunds issued at Rs.1.42 lakh crore is 41.5 per cent higher than the corresponding period last year.

As a result of emphasis on the expeditious issue of refunds, 92 per cent of all Income Tax returns were processed within 60 days demonstrating CBDT’s commitment for faster and more efficient taxpayer service.

Of all the refunds issued, 92 per cent are below Rs.50,000 due to the high priority given to expeditious issue of refunds to small taxpayers. Only 2 per cent of refunds of value less than Rs. 50,000 are remaining to be issued. Majority of these cases relate to recently filed ITRs or where the taxpayer’s response to the Department is awaited.

Taxpayers reposed faith in CBDT’s e-governance initiatives by filing electronically a whopping 4.01 crore ITRs till 10th February, 2017, representing an increase of 20 per cent over the previous year. Also, more than 60 lakh other online forms were filed with an increase of nearly 41 per cent compared to the previous year.

Tax payers are advised to verify and  update  their  email  address  and  mobile number  on  the  e-filing website to receive electronic communication. CBDT is committed to ensuring best possible taxpayer services through its e-governance programs and increasing the coverage and scope of electronic filing and processing of various forms and applications.

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First Published : 13 Feb 2017, 06:36:00 PM