SIGN IN SUBSCRIBE

News Update

After US & UK India comes third in terms of 79 mn cyber attacks in 2023: StudyCore Sector loses steam in March; logs 5.2% growthTrump fined USD 9,000 for ignoring court’s gag orderNHPC to collaborate with Norwegian company for Floating Solar Energy TechnologyCT - Option of review cannot be utilised as a method of rehearing or appeal and there must be finality to a litigation: HCST - As agreement with foreign supplier was on C.I.F basis and it was foreign supplier who entered into an agreement with foreign shipping line for transportation of goods, hence appellant not being a service recipient was not liable to pay service tax on amount of ocean freight: CESTATOpenAI joins hands with FT to access content for training AI toolsCX - Entire chain, right from procurement of aluminium ingots from NALCO upto delivery of aluminium conductors, transaction was established and accepted by Settlement Commission, no scope for Adjudicating Authority to confirm demand of Cenvat credit: CESTATIndia’s oil import bill likely to come down to USD 100 bn in current fiscalCus - Warehousing - None of the provisions have been contravened or violated by appellants inasmuch as in respect of all B/Es, the activities were carried out with approval and necessary permission given by department as well as under supervision of Customs - goods not liable for confiscation/penalty: CESTAT7 Maoists including two women killed in police encounter in ChhattisgarhBaba Ramdev-promoted FMCG companies caught in a pickle over GST fraudsI-T- As per settled position in law, if let out property remains vacant during whole of relevant AY, then its ALV is to be taken as NIL: ITATUttarakhand Govt cancels manufacturing licence of 14 products of PatanjaliIMF okays USD 1.1 bn bail-out package for Pakistan3 police officers killed in shoot-out in CarolinaGaza protesters on Columbia Univ campus turn tin-eared to police warningsBus swings into gorge; 25 Peruvians killedI-T - Sale consideration received in cash in lieu of agreement of sale upon failure of deal, cannot be penalized u/s 271D: ITATBattle against cocaine cartel: 9 Colombian soldiers perish in copter crashI-T- Payment made by NSE to Core SGF is business expenditure allowed u/s 37(1): ITATICG, ATS Gujarat seize Indian fishing boat carrying 173 kg of narcotics9 killed as two vehicles ram into each other in Chhattisgarh
 
Income Tax Department Refund Efficiency on decline; Refund of over Rs 10 lakh involving total sum of Rs 1.2 lakh crore pending for tardy scrutiny assessment

By TIOL News Service

NEW DELHI, AUG 06, 2016: REFUND efficiency of the Income Tax Department has undoubtedly gone up sharply in the past few years. It has rather got a fillip after the NDA Government took over the reign of powers at Centre. Reasonably good level of computerisation and automation have taken place in the Department, and some of the IT vendors have also done good job. Notwithstanding all positive signs, the CBDT owes as much as Rs 1.23 lakh crore of refund to the taxpayers.

While replying to a question in the Lok Sabha yesterday, the Minister of State for Finance, Mr Santosh Gangwar, said that as on March 31, 2016, refund claims of more than Rs 10 lakh number about 57783 cases, involving a neat sum of Rs 1.23 lakh crore.

Interestingly, the Minister said that out of 1.23 lakh crore of pending refund, as high as Rs 98,000 Cr is stuck because of scrutiny assessment. Strangely, why should the Department sit over piles of scrutiny when the cases have been picked up based on certain tangible parameters sending alerts to the AOs. When the cases have been selected on the basis of systemic intelligence that there might be some room for additions, why should such assessments be delayed for more than five years?

Secondly, it is learnt that the Department uses FILTERS to identify cases with huge refunds and then they are picked up for scrutiny and such scrutiny is being delayed so that there is no excessive revenue outgo which may upset the apple cart of fiscal deficit management of the Government.

Another interesting aspect which the Government does not seem to be taking a note of is the fact the it bears huge sum of interest on such refund claims. The longer they remain with the Department, the greater would be the interest outgo.

During the course of his reply, the Minister said that some of the claims are pending because of statutory and administrative reasons.

The Minister also said that to provide relief to small taxpayers, the CPC has been authorised to release refund up to Rs 5000/-. Up to August 1, 2016, the Department has cleared 12 lakh cases involving a sum of Rs 245 Crore.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST