Why delay in refunds? CBDT Clarifies
The Central Board of Direct Taxes has clarified that News Paper reports that a large number of tax payers are waiting for refunds from the Department up to three years is factually incorrect. The Board wants you to appreciate certain facts
1. Forty Three Lakhs refund cheques amounting to Rs. 39,000 Crores were issued in 2006-07.
2. In 2005-06, Rs. 29,000 Crores was refunded. That is there is a 33% increase in 2006-07.
3. In first two weeks April, 2007 Rs. 1834 Crores have been refunded.
4. To speed up refunds, a refund banker scheme has been launched in Delhi and Patna.
5. The Department receives 3.2 Crores returns per year.
6. Processing of these returns do take time.
7. Tax payers do not furnish all the details like bank account, ECS etc.
8. When the addresses are changed, the department is not informed.
Apparently there is a reason for delay.