Income Tax returns refund: Rs 70,000 crore worth refunds issued; did you get yours?

Did you get your Income tax returns refunds? Well, ITR refunds worth Rs 70,000 crore have been issued to taxpayers regarding the claims that have been pending. It has been declared officially that as of June end almost all have been processed and taxpayers would be lauding the system. 

Central Board of Direct Taxes on Wednesday said that more than Rs 70,000 crore of refunds have been issued to the taxpayers as a result of the special drive and expeditious processing of returns involving the claim of returns.

The Income Tax Department observed a dedicated fortnight from 1st to 15th June 2018 to expeditiously clear pending matters of appeal effect and rectification, said Central Board of Direct Taxes in a press release.

More than 20,000 such matters were disposed and refunds were issued to taxpayers. Later this drive was extended in few regions up to 30th June 2018 after seeing the success of this initiative.

Also, large amounts of refunds have been issued consequent to the processing of income-tax returns.

WATCH THIS ZEE BUSINESS VIDEO HERE

“More than 99% of all refund claims pending for processing as on 30.06.2018 have already been processed and the refunds due have been issued to the taxpayers,” said CBDT in a statement.

In all, during April-June 2017, 54.07 lakh cases were issued while refunds in 45.07 lakh cases have been issued during April-June 2018. More than 3 lakh refunds of Assessment Year 2018-19, for which returns have been filed only in last few weeks, have also been issued.

Also, Central Board of Direct Taxes (CBDT) in a press release said that it is committed to constantly reduce the service delivery timelines, expeditiously resolving the grievances of the taxpayers and improving the overall level of taxpayer service.