The Income Tax department has already issued over 30 lakh refunds in the first 7 months of this fiscal involving a total amount of Rs.18,448 crore. Refund payouts in non-corporate personal income tax (PIT) category are ahead by 47.16 percent (Rs.6,135 crore against Rs.4,169 crore) as compared to the first 7 months of last fiscal.
During this year, over 11 lakh electronic returns have already been received. More such returns are expected by 15th November 2007, up to which the last date for filing of mandatory electronic returns stands extended. During fiscal 2006-07, 3,44,343 electronic returns were filed by various categories of taxpayers. Out of these, 2,38,204 electronic returns have already been processed by the department and refunds amounting Rs.7,816.89 crore in such cases have already been issued up to 7th November 2007. The remaining 1,06,139 electronic returns will be processed by 30th November 2007.
Refunds of over Rs.14,000 crore pertaining to large corporate cases have also been processed. Out of these, refunds of over Rs.5,400 crores have been issued and the remaining refunds will also be issued by 30th November 2007.
The Refund Banker Scheme - launched in Delhi and Patna towards the end of last fiscal and extended subsequently to Kolkata, Chennai, Bangalore and Mumbai - has helped increase the pace of refunds. It will now be extended to the entire country for the non-corporate PIT category of taxpayers in order to facilitate quick and correct issue of refunds. Taxpayers are advised to furnish their bank details and ECS number in their tax returns so that their refunds can be credited to their bank account electronically.
With the Refund Banker scheme in place all over the country shortly, the Income Tax department envisages no difficulty in processing refund cases. Tax returns have been made annexure-less to facilitate electronic processing of the same.
9911796707
