The Hindu : Business : 30 lakh IT refunds issued till October

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Saturday, Nov 10, 2007
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30 lakh IT refunds issued till October

Special Correspondent

Refund Banker scheme helps IT Department increase pace of refunds

NEW DELHI: The income-tax department has already issued more than 30 lakh refunds till October, entailing a total sum of Rs. 18,448 crore.

According to an official statement here, refund payouts in the non-corporate personal income-tax (PIT) category are ahead by 47.16 per cent at Rs 6,135 crore as compared to Rs 4,169 crore released during the first seven months of 2006-07.

The statement noted that over 11 lakh electronic returns have already been received during the current financial year.

More such returns are expected by November 15, up to which the last date for filing of mandatory electronic returns stands extended.

As against this, 3.44 lakh electronic returns were filed by various categories of taxpayers during fiscal year 2006-07. Out of these, 2.38 lakh electronic returns have already been processed by the IT department and refunds totalling Rs. 7,816.89 crore were issued till November 7. The balance 1.06 lakh electronic returns are to be processed by November 30. Refunds worth over Rs. 14,000 crore pertaining to large corporate cases have also been processed.

Out of these, refunds of over Rs. 5,400 crore have been issued and the remaining are to be completed by the end of this month.

The statement noted that the Refund Banker scheme — launched in Delhi and Patna towards the end of last fiscal and extended subsequently to Kolkata, Chennai, Bangalore and Mumbai — has helped increase the pace of refunds. It will now be extended to the entire country for the non-corporate PIT category of taxpayers to facilitate quick and correct issue of refunds.

Taxpayers are advised to furnish their bank details and ECS number in their tax returns so that their refunds can be credited to their bank account electronically.

With the Refund Banker scheme in place all over the country shortly, the department envisages no difficulty in processing refund cases. Tax returns have been made annexure-less to facilitate electronic processing of the same.

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