The income tax department starts sending refund of up to Rs. 50000 for 2011-12 after the advisory guideline to go slow in the matter of refund.
This is the good move as the income tax department also understands that it may adverse effect to the tax-payer by getting the refund money late. This information came from the highest levels to start sending refunds and clear pending dues.
The income tax department also bears a huge burden of sending the refunds to the taxpayers which is around 70000 crores rupees.
Refund is the extra tax paid by the taxpayer either from TDS deducted, Advance tax paid or excess tax paid by companies.
Finance Minister has set the target of 18% growth in gross tax collection whereas economy condition is very poor now days. The growth rate is also around 4%. So how to achieve this target? Said by a Tax Senior officer.
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