The Central Board of Direct Taxes (CBDT) — the nodal office for the income tax department — has decided to settle all income tax refunds pertaining till 2009-10 by the end of the current fiscal. “With the Central Processing Centre operational, we will be able to process all claims for electronically filed returns for 2009-10 by March next year. However, settling refunds for manual returns could take some more time,” the official said.
The CBDT has also hiked its target for processing refunds to Rs 70,000 crore in this fiscal as against Rs 58,046 crore in 2009-10. Income tax refunds for 2008-09 stood at Rs 41,445 crore while in 2007-08, they totaled Rs 40,965 crore.
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