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Income Tax dept reports 23% growth in refunds till Nov 28

The pending refunds till November 29 amounted to just over 20 lakh or about 9% of total refunds. These are being currently being processed, officials said.

The income-tax department has processed refunds worth Rs 1.46 lakh crore till November 28 this fiscal, a growth of nearly 23% compared with the same period a year ago, tax officials said. This involved 2.1 crore refunds compared with 1.75 crore a year ago.

The department also expedited more refunds during this period with 68% of them being issued within 30 days from e-verification of the IT returns. In the same period last year, 57% of total refunds had been issued within 30 days.

“100% of all 2.28 crore refunds issued by Centralised Processing Center (CPC) has been directly credited to the taxpayer bank account by ECS, eliminating paper cheque and ensuring faster, accurate and safer credit,” officials said.

The pending refunds till November 29 amounted to just over 20 lakh or about 9% of total refunds. These are being currently being processed, officials said. At the same period last year, over 50% more refunds were pending.

Official sources said that CPC re-issued 22.3 lakh refunds by electronic clearing service (ECS) to taxpayers that had previously failed due to address not found, bank account closed etc whenever fresh bank account number for current year was found to be valid.

Source: Financial Express