Business Today
Loading...

CBDT claims 20% rise in processing income tax returns; sent all tax refunds electronically

As on November 28, 2019, the Central Processing Centre of Income Tax Department processed a total of 4.70 crore income tax returns during FY 2019-20

twitter-logo BusinessToday.In   New Delhi     Last Updated: December 3, 2019  | 19:37 IST
CBDT claims 20% rise in processing income tax returns; sent all tax refunds electronically

The Central Board of Direct Taxes has claimed that the number of refunds processed this year saw an increase of 20 per cent on annual basis. The tax authority stated that the Central Processing Centre (CPC) of Income Tax Department has prioritised issue of refunds in an automated manner without any interface with taxpayers.

CBDT claimed in a statement that 2.10 crore refund returns were processed by the CPC for assessment year 2019-20 as on November 28, 2019, marking a 20 per cent increase from 1.75 crore refund returns processed in the year ago period for assessment year 2018-19.  The total amount of refunds issued in FY 2019-20 till November 28, 2019 was more than Rs 1.46 lakh crore, CBDT further said.

As on November 28, 2019, the CPC processed a total of 4.70 crore income tax returns during FY 2019-20, CBDT said in its statement. This translates into an increase of 20 per cent from 3.91 crore returns processed in the same period last year for FY 2018-19.

ALSO READ:Income tax on gifts: Know when your gift is tax-free

Out of the 2.10 crore return refunds processed by November 28, 2019, 68 per cent of refunds were issued within 30 days from the date of e-verification of ITR, up from 57 per cent for the same period in FY 2018-19, CBDT stated.

"100 per cent of all 2.28 crore refunds issued by CPC have been directly credited to the taxpayers' bank accounts by Electronic Clearance Service (ECS), eliminating paper cheque and ensuring faster, accurate and safer credit," CBDT further said.

CBDT noted that pendency of refunds for verified income tax returns has also been reduced by 36 per cent to 20.76 lakh this year, as on November 29, 2019, from 31.97 lakh last year at the same time.  Balance refunds are being processed, the direct tax authority said.

"The Department has issued several reminders to taxpayers to e-Verify their ITRs so that any ITR with refund claim can be taken up for processing," CBDT said.

The CBDT also pointed out that 22.3 lakh failed refunds from past years have been re-issued to taxpayers by ECS.

ALSO READ:FM Nirmala Sitharaman introduces Bill in Lok Sabha to cut corporate tax

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close