Tax refunds of Rs.1 lakh crore issued this fiscal: Official

New Delhi, Feb 8 (IANS) India’s Income Tax department has issued refunds of Rs.1 lakh crore in the current fiscal up to January this year, a senior official said on Monday.

“The Income Tax department has so far issued refunds of Rs.1 lakh crore to 1.75 crore assessees in 10 months of the 2015-16 fiscal,” Revenue Secretary Hasmukh Adhia said in a tweet.

The government directed the department in December 2015 to quickly settle the refund claims of amounts less than Rs.50,000.

As of November 1, refunds had to be made to 207,000 Income Tax returnees involving Rs.659 crore for the assessment year 2013-14 and another set of 1.29 million returnees involving Rs.4,837 crore for 2014-15.

“This (refund) has been a major relief to taxpayers. This demonstrates the government’s intention to create a tax-friendly environment,” Adhia said.

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