Income tax department is in slow motion for returning money on the taxpayer whose refund amount is over Rs. 1 Lakh. The main reason is recession in the economy. However, there are no official indications, several tax officials confirmed it that the refund will not issued in a hurry for the amount over Rs. 1 lakh.
Central board of direct taxes (CBDT) did not respond about the question arise on income tax refunds. But three top officials confirmed on the slow process of income tax refund. Decline in business, recession, slow economy and margins hit are the main reason for declining the revenue amount.
However income tax department confirmed about the target set for the current financial year but the initial 5 months were very tough in this process.
However income tax department data tells another story. It says that gross tax collection for the period April-July 2013 has increased by 13.3% compare to same period previous year.
Top officials of income tax department clear that the refund process of income tax has stopped since June for the amount over Rs. 1 Lakh.
The department also did not release the data of refunds for the month of April. The finance minister has stood the target of 18% rise in gross collections of personal, corporation and wealth tax.
Slowdown in economy starts in 2012-13 where growth rate was 5% and economy is very bad condition now days where no growth is expected, but government is confident to achieve the growth rate of 4.8% in the current financial year.
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