Live Mint: July 31, 2019
New Delhi: The number of e-returns submitted for assessment year 2018-19 is 6,49,39,586 as against 5,47,30,304 filed for 2017-18, marking an increase of 18.65%.
"A total of 7.19 crore income tax returns (ITRs) have been processed in 2018-19. The total amount of refund released in 2018-19 is ₹1,61,457.6 crore", the Lok Sabha was informed by Union Minister of Finance & Corporate Affairs Nirmala Sitharaman in a written reply on Monday.
The government has accorded high priority to issue refunds for all taxpayers. Less than 0.5% of ITRs are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued.
With greater adoption of information technology in processing of ITRs and emphasis on less intrusive verification, the time taken to process ITRs is constantly reducing. Refunds amounting to Rs. 64,700 crores have already been issued in this financial year, the Finance Minister said.
The government has made it mandatory from March, 2019 to issue income-tax refunds through ECS only, therefore, expediting direct credit of refunds to bank accounts.
Further, all field authorities have been instructed to issue refunds up to ₹5,000 without any adjustment against outstanding demand, if any, she said.
The government has initiated several measures to educate the tax payers to e-file their ITRs. Outreach measures, including training in e-filing, conducting workshops and awareness programmes, are being undertaken by the Income Tax Department.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.