The government today said around 49 lakh cases of income tax refunds are pending with the revenue department.
“Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011,” minister of state for finance SS Palanimanickam informed the Rajya Sabha in a written reply.
Normally after receipt of returns, processing of returns and issuance of refund is completed in due course, he said, addding however, difficulties are encountered in some cases due to various reasons like wrong PAN, illegible recording of address, incorrect particulars about bank account etc.
Pointing out that processing of refund is a continuous process, he said, the returns received during 2008-09 would be processed by March 31, 2010.
Guidelines have been issued by CBDT to process all returns and issue refunds expeditiously.
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What about IT refund for AY 2009-10.
For LIC agent, a petty contractor and a middle class person having TDS, the refund from IT Dept. is an intrem relief for their financial problem. The Govt. have no moral right to keep the Excess amount of TDS for a long time.
The huge amount of interest given to the assessee and income earned by the Derpartment are to be studied in the NEXT budjet.
Tax credit to the assessee’s as per 26Q must be given at the time of issuing refund. Individual who don’t have the facility to view the 26Q are now not given FULL tax credit.
It is not fare under INDAN morality