Income Tax department speeds up on issuing refunds to taxpayers

Jul 04 2018 02:47 PM
Income Tax department speeds up on issuing refunds to taxpayers

On Wednesday, the Income Tax Department announced that about 99 percent of the total refund has been accomplished under the income-tax returns.

 

The officials of the Income Tax Department, asserted, "More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due."

 

Sources suggest that the Income Tax Department, worked really hard, day and night from 1st to 15th June, 2018to speed up the process of clearing the pending matters of appeal effect and rectification.
The Income Tax Officials also informed, "Seeing the success of this initiative, the special drive was extended in certain regions up to 30th June, 2018."

 

Post the processing of the Income-tax returns, large amount of refunds have also been issued. Approximately, 99% of the total refunds that were to be processed, as calculated on 30 June, have been accomplished and rest of the refunds have been issued to the people concerned. 

 

Around 45 lakh refund cases were sorted by June, 2018, while in the previous year, only 66 lakh refunds were issued. During the last 2 weeks, 3 lakh cases of refund have been sorted.

 

As per reports, approximately a worth of Rs.70,000 crore has been spent in issuing the refunds to the concerned people which is the fruit of the efforts put in by the Income Tax department. 
 

 

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