Good news awaits thousands of taxpayers in the country. The Income Tax department is mulling a proposal for providing them small refunds of below Rs 1 crore (Rs 10 million) within a month's time.
Delay in receiving income tax refunds has been a major complaint of taxpayers and the department is hoping to address the issue on a priority basis. According to Income Tax officials, the proposal pertains to small tax refunds of an amount below Rs 1 crore.
I-T department officials are working for the benefit of honest taxpayers and give them the respect they deserve. They will be very firm with tax evaders without being harsh. We will make sure that a honest taxpayer is respected and will also try to create maximum trust for honest taxpayers.
The Income Tax department is in the process of issuing more than 40 lakh refund cases before April this year. The department has streamlined the refunds process as the statutory time limit to process the return and issue refund in the financial year 2009-10 is March 31 and almost 49 lakh such cases involving crores of rupees are pending with the department, a senior I-T officer said.
The Income Tax department is also in the process of establishing three more I-T returns and refunds processing centers at Manesar (Gurgaon), Pune and Kolkata on the lines of the existing centre at Bangalore. To fasten the refunds through banks, the Refund Banker Scheme has been made operational in the entire country with the help of the State Bank of India by the department.
Source :Rediff business
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