Taxpayer Alert! Income Tax Department refunds Rs 64,700 crore in current financial year

Taxpayer Alert! Income Tax Department refunds Rs 64,700 crore in current financial year

The Income Tax Department issued refunds of Rs 64,700 crore in the current financial year. This refund was issued between April 1 and June 18, 2019. At the same time, the amount released for the financial year 2018-19 is more than Rs 1.61 lakh crore. Finance Minister Nirmala Sitharaman gave this information on Monday. He said this while answering the question asked in the Lok Sabha.

Electronic returns

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The Finance Minister said that more than 6.49 crore electronic returns have been submitted for the assessment year 2018-19 (financial year 2017-18). Which is 18.65% more than the assessment year 2017-18. During that time, about 5.47 crore electronic returns were submitted.

Fast action on ITR

Nirmala Sitharaman said that the government has set a high priority for issuing refunds to all taxpayers, including small taxpayers. For Scrutiny, income tax returns of less than 0.5 percent are selected, most of the ITRs are taken promptly and refunds are issued. He said that the time taken to process the ITR with increasing use of technology is continuously decreasing.

26.9 million mails and SMS to tax payers

The Finance Minister said that 26.9 crore mails and SMSs were sent to the taxpayers so that they pay their taxes at the right time. He informed that in January 2019, the government had approved the integrated e-filing of the IT department and the Centralized Processing Center 2.0 project in a timely manner for the return process.

 

Source:- financialexpress

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