Check Your Income Tax status Now . Fill form given at the end.
you may not need to wait much longer for that income tax refund.The Income Tax department is working on a plan to expedite refund claims and make pending payments within the current fiscal year.
This would be for the first time that I-T refunds are made within the fiscal year in which the claim is filed.
“It is a part of our process of expediting the tax refund process,“ a senior official at Central Board of Direct Taxes (CBDT) said. “Our plan is to complete refunds against the returns filed in the current fiscal.“
The I-T department paid out refunds of R53,688 crore during April to January in the current fiscal against R38,721 crore a year ago -a growth of over 38%.
“The department aims to clear the backlog as well,“ the official said. “At present 90% o the processing of refunds ha been completed this year.“
The centralised processing centre (CPC) at Bangalore ha completed processing of all e filed tax returns for the assess ment year 2010-11. The tax department has said all refund claims below R 10 lakh would be issued their I-T refunds by March 2011.
Two more CPCs are set to come up at Manesar and Pune in the next financial year, and a fourth one at Kolkata in 2012.
The contents of this page are solely for informational purpose. It does not constitute professional advice or recommendation of Simple Tax India/Author. Neither the authors nor simple tax India and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this document nor for any actions taken in reliance thereon.
Readers are advised to consult the professional for understanding applicability of this newsletter in the respective scenarios. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this document should be distributed or copied (except for personal, non-commercial use) without our written permission.