Over Rs.1,17,000 crore income tax refunds so far

New Delhi, April 4 (IANS) The income tax department has issued refunds of over Rs.1,17,000 crore, which may further increase as banks reconcile the accounts, for 2015-16, an official statement said.

“The Income Tax Department has issued refunds of over Rs.1,17,000 crore. This figure is likely to further increase as banks reconcile the accounts. The Centralized Processing Centre (CPC) at Bengaluru issued refunds to the tune of Rs.37,870 crore in an automated manner of which 67 percent were issued within 30 days,” said the finance ministry statement.

The CPC processed more than 4.14 crore income tax returns, an increase of over 35 percent over the previous year, it said, adding it also issued over 1.61 crore refunds above Rs.100 to taxpayers, an increase of more than 47 percent over the previous year, it added.

The Central Board of Direct Taxes (CBDT) asked taxpayers who have not received their refunds to immediately check whether they have submitted their ITR-Verification (ITR-V) form to the CPC.

“They (taxpayers) may also check whether have responded to any notice under section 245 regarding outstanding tax arrears, or notice under section 139 (9) regarding any defect in their return. Taxpayers can also electronically verify their return using Electronic Verification Code (EVC) instead of submitting ITR-V by post so that the process is completed faster,” it said.

The ministry said that a whopping 4.34 crore income tax returns were filed online in FY 2015-16, an increase of over 26.83 percent over the previous year.

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