The income tax (I-T) department has issued refunds to 55 lakh assessees for `14,300 crore till last week, in the first four months of the current financial year.This includes refunds of around `3,000 crore for assessment year 2016-17, the last date of filing of returns for which was August 5th.
This is the first time that the government has refunded such a large tax surplus even before the date for filing returns had expired.
A new benchmark has also been set with 2.27 crore people filing online returns this year compared to 71 lakh in 2015-16. The total returns filed were a little more than 2 crore till the extended date of September 7 of last year. A finance ministry state ment said the growth in e-returns this year has been over 9.8 per cent. Also, the faster refunds have been possible as a large number of taxpayers have used the e-verification facility this time.
The e-verification of returns has been used by over 75 lakh taxpayers till August 5 as compared to 33 lakh last year till September 7.
This time, Aadhaar based e-verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16. At least 3.32 lakh taxpayers digitally signed their returns.“Over 35% of taxpayers have already completed the entire process of return submission electronically,“ the ministry said. The department has been encouraging taxpayers to use e-verification process as an easy alternative to sending their return forms to the I-T’s central processing centre in Bengaluru for verification.
Bartaman Patrika epaper 09-08-2016: http://epaper.prabhatkhabar.com