Government to fast forward the process of IT Refunds if the arrears are below Rs. 5,000

The government is trying its level best to provide relief to its taxpayers in one way or other. In a bid to minimize taxpayers grievances and simplify the process of IT-refunds, the government has again something to offer.

Central Board of Direct Taxes (CBDT) has 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.

In December, the government had issued similar kind of instructions but the amount of refund at that time was Rs. 50,000. 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.

This will definitely put a smile on the taxpayers faces and if the government keeps going in this direction then the number of taxpayers will increase exponentially.

[text-blocks id=”file-your-return”]

Leave a Reply

Your email address will not be published. Required fields are marked *