Income Tax department refunds Rs. 18,448 Crore

Nov 10: In an official release, Income Tax Department of India has published that department has refunded Rs.18,448 crore in over 30 lakh cases in the first seven months of this fiscal year including Non-Corporate Personal Income Tax (PIT) of worth 6,135 crore. These clearances were made by paying checks as well as electronic returning system.

The I-T department had received 11 lakh cases of electronic return so far during this year as against 3,44,343 cases in last fiscal year. The department has returned 2,38,204 returns of worth Rs. 7,816.89 crore till November 07 while rest 1,06,139 e-return cases are under processing and will be finalise by November 30, 2007 as official released said.

In the Non-Corporate PIT category, department has refunded Rs 6,135 crore that is 47.16% higher than the first seventh months of the last fiscal, which was Rs.4,169 crore.

The department has also released that it is expecting to get more electronic returns till November 15 that is the last day of e-return filing.

The department has also processed the returning case of over Rs 14,000 crore relating to large corporate firms and companies. Out of this, the refunds of over Rs 5,400 crore have been issued and rest will be issued by November 30 as official released.

The department had also launched refund banker scheme in Delhi and Patna at the end of last fiscal and expected to expand it gradually in Kolkata, Chennai, Bangalore and Mumbai. This has increased refunds pace, said released. Now the department is planning to expand it across the country for the non-corporate pit category of taxpayers in order to facilitate quick and correct issue of refunds as the release said.

Income tax return is an essential part of the tax structure in the country. It is a prescribed form through which the individual or any company/firm pays taxes on the behalf of earned income in the ending of the financial year to the Income Tax Department. Different forms are prescribed for filing of returns for different, Status and Nature of income. The department refunds the extra money paid by the person or firm by negating it into the actual tax.