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HomeNationGovernment orders quick issue of income tax refunds under Rs. 50,000

Government orders quick issue of income tax refunds under Rs. 50,000

In good news for lakhs of taxpayers awaiting their IT refunds, the government has directed the taxman to “expeditiously” settle claims involving less than Rs. 50,000.

According to government data, over Rs. 5,400 crore is locked in pending refunds, which has become a major grievance for taxpayers.

Officials said instructions in this regard were issued early this week after a review meeting was held by Revenue Secretary Hasmukh Adhia with senior CBDT officials as part of Finance Ministry’s drive to ensure a taxpayer-friendly regime following a call by Prime Minister Narendra Modi for steps to address their grievances and cut down on complaints.

The directive issued by the Central Board of Direct Taxes, the apex policy-making body of the Income Tax department, to all Principal Chief Commissioners asks them to direct the assessing officers to expedite the process and issue refunds of less than Rs. 50,000 and not facing scrutiny “as early as possible.”

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