14-December-2012 18:14 IST
Income
Tax Refund
Processing
of returns of income, including those with refund claim, is a continuous
process. Statutory time limit to process returns of income is with reference to
the financial year of their receipt. As per the Income Tax Act, 1961 returns
received during the financial year can be processed upto one year from the end
of the financial year in which the return is received. Therefore, returns for
the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12
can be processed upto 31.03.2013. Normally, after processing of return, the
refund generated is used in due course. The timelines for processing of return
of income are complied with as these are contained in the Income Tax Act and
statutorily enforceable.
The
data for amount of refunds paid is maintained on all India basis and not
region-wise. The all India data for refunds alongwith interest paid is
tabulated as under:
*figures are provisional
As
the veracity and quantum of refund is determined on processing of the return of
income (including matching of tax payment data), there may be variation between
the refund allowed and the claim made in the return of income. Thus, data about
number as well as amount of refund due to be paid is not maintainable.
Grievances
or claims about refunds, if any, received are looked into by the Assessing
Officers concerned and appropriate action in accordance with the provisions of
the Income Tax Act is taken.
Various
steps taken by the Department to expedite refunds are as under:
i) Promoting
e-filing of the returns for speedy processing
ii) Issuance
of refunds through Refund Banker
iii) Centralized
Processing Centre (CPC) at Bengaluru has been set up to process e-returns.
iv) Through
Citizens’ Charter and other press releases issued by the Department, tax payers
are requested to carefully mention the relevant particulars in return of
income.
v) TDS
deductors are required to compulsory e-file their TDS returns on quarterly
basis.
vi) Mandatory
quoting of deductee PAN in the quarterly statement of TDS filed by the
deductors.
vii) Facility
of viewing the Tax Credit Statement in Form 26AS is made available to tax
payers so that they can verify the TDS details before filing the return of
income and take proper steps with the deductor(s) to rectify mistakes, if any.
viii) Online
viewing of status of tax payers refund is available for better information
dissemination.
This
was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in
the Lok Sabha today.
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