Friday, 11 February 2011

Income Tax refunds may be without TDS matching - CBDT relaxed norm

The Income Tax Department wish to speed up the tax refund process. For this purpose the TDS claims in all Income Tax returns may be accepted without verification, if there is a difference in the claimed refund with the TDS return only if the difference is less than one lakh. This is helpful for solving around 95% of the tax refund claims. But the Cases with zero-matching, invalid TAN and difference exceeding Rs. 1 lakh will, however, be cleared only after due verification to prevent refund frauds.

The Chairman Central Board of Direct Taxes had directed all Chief Commissioners to upload necessary data so that the refunds can be issued expeditiously. This may be the first time that most income tax refunds will be dispatched to the taxpayers within the current financial year itself.

The abovementioned information is published by the Central Board of Direct Taxes on 10th February, 2011 through a press release.

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  1. [...] you want to get any electronic refund you should fill the required information and the refund will be credited in your bank account after [...]

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