I-T disburses ₹4,250cr refund in April

Sivakumar.B @timesgroup.com

Chennai:17.04.2020

The income tax department has deposited refunds to the tune of ₹4,250 crore pending to various assessors till April 14. All assessors, whose refund claim is less than ₹5 lakh, have received refunds in their bank accounts.

The Central Board of Direct taxes (CBDT) on Wednesday said it has already issued more than 10.2 lakh refunds, totalling to ₹4,250 crore as on April 14. These refunds are over and above the 2.5 crore refunds issued in the financial year 2019-20 till March 31, totalling ₹1.84 lakh crore.

“About 1.75 lakh more refunds are in the process of issuance this week. These refunds will get credited directly to the taxpayer bank account in 5-7 business days from issuance,” said CBDT spokesperson Surabhi Ahluwalia.

In around 1.74 lakh cases, however, email responses are awaited from taxpayers regarding reconciliation with their outstanding tax demand. For this, reminder emails have been sent asking them to respond within 7 days so that the refund can be processed accordingly, the spokesperson said.

It may be noted that these reminder emails from the I-T department are for the benefit of taxpayers as it expects them to confirm their outstanding demand, their bank accounts and reconciliation of defect/mismatch prior to issue of refund, she said. CBDT has requested taxpayers to check for the email and login into their e-filing account to respond to the I-T department immediately.

CBDT also said it has noticed in a few media, including social media, some questions are being raised with regards to CBDT’s computerised email to the taxpayers to respond within 7 days for enabling the department to process refund. “This is the routine communication with taxpayers to seek response on defective ITRs, prima facie adjustments and where confirmation is sought about certain claims made by them. In all such cases, a quick response from the taxpayer would enable the I-T department to process their refunds expeditiously,” she said.

While 1.75 lakh refunds are being processed, the department is yet to get clarifications sought from 1.74 lakh other tax payers on returns filed