Income tax refunds of Rs 1.19 lakh crore pending in last 3 years
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"Income-tax refunds amounting to Rs 1,19,964.13 crore relating to last three assessment years are pending as on March 5, 2015," minister of state for finance Jayant Sinha said in a written reply in the Rajya Sabha.
The pending amount for current fiscal so far is Rs 68,032.21 crore; Rs 43,963.42 crore in 2013-14 and Rs 7,968.51 crore in 2012-13.
"An amount of Rs 1,06,499 crore has already been refunded to the taxpayers in the current financial year till March 7, 2015, which is 32.1 per cent higher than the amount refunded during the corresponding period of last financial year and is 17.02 per cent of the gross direct tax collections," he added.
In reply to a separate question, Sinha said government is committed towards engendering a non-adversarial tax regime.
Without naming the company, he minister said: "Government has accepted the order of the Bombay High Court in favour of a telecom company in a transfer pricing case after carefully examining the order and finding merit in the same." (Times of India)
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The Income Tax Department has processed as many as 2.10 crore tax refund cases till 28th November during the current fiscal as compared to 1.75 crore refund returns during the same period last year. It shows an increase of 20 percent in the refund returns against last year. The CBDT said the total amount of refunds issued in 2019-20 till November 28 was 1.46 lakh crore rupees as compared to 1.19 lakh crore rupees in the same period of last year. The Centralised Processing Centre (CPC) process...
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