Long delays in income tax refunds have prompted
the Finance Minister P Chidambaram to intervene. The Finance Minister
has told his taxmen to get cracking and speed up the refunds.
He
wants the taxmen to monitor all refund cases every month starting from
June for the next six months and clear all the pending refunds.
However, tax officials are clueless about the number and the amount of
pending refunds but they say that the problem is gigantic.
For
instance out of the 2.62 crore returns filed 1.16 crore returns are yet
to be processed and around 25 per cent of these returns or roughly 29
lakh returns would have a refund demand.
Tax revenues are
pouring in but the pile of tax returns that the government has to pay
is also growing. This year's refunds will be much more than last year's
Rs 37,000 crore, so the government needs to speed up the process of
refunding taxpayer's money.
Govt to clear pending tax refunds
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Rajasthan HC to Hear Tax Audit Deadline Extension Plea on 25th September
- NPCI Clarifies GST on UPI MDR: Small Merchants and 96% Transactions to Remain Unaffected
- CBDT Notifies New TDS Reporting Requirements for Property Transactions in Form 141 from 1st October 2026
- UPI MDR on Transactions Above Rs 2000: FM Sitharaman Clarifies Who Will Pay
- RBI Issues New Basel III Market Risk Capital Directions for Commercial Banks
- Petrol Dealers May Limit UPI Payments Above Rs 2000 From 16th October
- Tax Audit Deadline 2026: Professional Bodies Seek Extension to 31st October
- GSTN Announces emSigner 3.3 for New DSC USB Tokens Issued From 21st September 2026
- UPI 0.4% MDR Above Rs 2000: Grocery Shop Sign Sparks Fresh Debate
- India's STT Collections Rise 52.9% to Rs 40,214 Crore by 17th Sept 2026
Popular News
- Tax Audit Deadline 2026: Professional Bodies Seek Extension to 31st October
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
