Monday, January 18, 2016

IT refunds of smaller amounts

In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC), Bengaluru and the field officers in December, 2015 to issue refunds of amounts less than Rs.50,000/- expeditiously.

As a result of the special drive to issue smaller refunds, 18,28,627 refunds below Rs.50,000/- involving a sum of Rs.1,793 crore have been issued between        1st December, 2015 and 10th January, 2016. These refunds relate to Assessment years 2013-14 to 2015-16.

In order to further expedite the process of issue of small refunds, CBDT has also directed CPC-Bengaluru and the field units that refunds up to Rs.5,000/-, and refunds in cases where outstanding arrears are up to Rs.5,000/- may be issued without any adjustment of outstanding arrears. Office Memorandum F. No. 312/109/2015-OT dated 14th January 2016, conveying these directions of CBDT is available on the website of the Department www.incometaxindia.gov.in.

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