Business
Income tax refunds of Rs.119,000 crore pending for 3 years
New Delhi, March 10
Income tax refunds of over
Rs.119,000 crore are pending for the last three fiscals, starting
2012-13, Minister of State for Finance Jayant Sinha said on Tuesday.
"Income-tax
refunds amounting to Rs.1,19,964.13 crore relating to last three
assessment years are pending as on March 5, 2015," Sinha told the Rajya
Sabha in a written reply.
The pending amount for the current
fiscal so far is Rs.68,032.21 crore. It was Rs.43,963.42 crore in
2013-14 and Rs.7,968.51 crore in 2012-13.
Processing,
determination, issuance and encashment of income tax refund claims is a
continuous process and a part of the outstanding refunds would,
therefore, in the normal course also get postponed to next year, Sinha
said.
"An amount of Rs.106,499 crore has already been refunded to
the taxpayers in the current financial year till March 7, 2015, that is
32.1 percent higher than the amount refunded during the corresponding
period of the last financial year and is 17.02 percent of the gross
direct tax collections," he added.
The projected target of income tax collection in the ongoing 2014-15 fiscal is Rs.700,000 crore.
For
the coming fiscal 2015-16, the union government has not changed the
ceiling on income tax but introduced an additional two percent surcharge
on the income of super-rich individuals in the country.