Number of Income Tax e-filers registers 21% growth
By TIOL News Service
NEW DELHI, MAR 18, 2017: The number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr, registering an increase of 21% over the number filed during the corresponding period of last financial year.
Further, the number of e-returns processed in Financial Year 2016-17 (till 28.02.2017) was 4.30 Cr.(this included the returns filed during Financial Year 2016-17 as well as backlog for earlier years).
The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) stands at Rs. 1,48,459 crore (till 28.02.2017).
The Government has accorded high priority to quick issue of refunds, particularly to small taxpayers. To prove the point, in Financial Year 2016-17, as on 10.02.2017, 98% of the refunds of less than Rs. 50,000/- have been issued and only 2% remain to be issued. Majority of these cases relate to recently filed tax returns or where the taxpayers' response to the Department is awaited.
Further, to ensure expeditious disposal of backlog of refunds upto Rs. 5,000/- in non scrutiny cases pertaining to Assessment Year's 2013-14, 2014-15 and 2015-16, instructions have been issued to field units to issue refunds in these cases without making any adjustment against the outstanding demand.
The law provides that income-tax returns are to be processed within a period of one year from the end of the financial year in which the return is made. Efforts have been made to shorten the time frame over the years through greater thrust on automation, easing the process for e-filing, and proactive monitoring. Therefore, during the current fiscal year, 90% of the refunds have been issued within 60 days and 67% within 30 days of filing of return.
This was stated by Mr Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.