70000 cr income tax refunds by March 2010-Check your refund status Now

Your pending income tax refund could be processed much faster with the income tax department planning to expedite the process and clear as many claims as possible in the current fiscal. “We want to settle most pending claims from the past years by March 2011, so that we can start the new fiscal on a relatively cleaner slate,” an income tax official said.

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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