CBDT directs IT depatment to fast track refunds
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In order to provide immediate relief to tax payers, the Central Board of Direct Taxes has directed the Income Tax department to ‘expeditiously’ issue refunds worth `5,000 for last three years of assessment.
The department on Thursday has issued directions on pending refunds of Rs 5,000 in cases that have not been selected for scrutiny for assessment years 2013-14, 2014-15 and 2015-16 should be issued fast and within this fiscal.
The Central Board of Direct taxes (CBDT) directed the taxman across all offices in the country that they should not wait for making adjustments under Section 245.
CBDT has also directed that in cases where notices under Section 245 have been received and the taxpayer has not responded to it even after the 60 days stipulated time, such cases should be treated as the taxpayer has ‘no objection’ to the proposed adjustment and “accordingly returns may be processed expeditiously and balance refund issued to the taxpayer, if any, after adjustment of outstanding demand along with applicable interest,” said the department. #CASANSAAR (New Indian Express)
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