IT dept to issue Rs. 1148 Crore refunds to small taxpayers by this month

The Income Tax department will issue over 64,000 refunds amounting to Rs. 1,148 Crores to small taxpayers by this month-end.

The Central Board of Direct Taxes (CBDT) has asked the taxman to issue refunds in a total of 64,938 pending cases involving Rs 1,148.14 Crores, by January 31st. The data said these refunds are for small taxpayers whose individual refunds are below Rs 5,000 and belong to 2013-14 and 2014-15.

"The directives have been issued after CBDT Chairman A K Jain recently held an all-India conference with senior officials of the department. Pending refunds was an important issue that was discussed and it was ordered by the Board that these small refunds need to be issued in any case by January 31," a senior official said.

The official said status will be reviewed by the CBDT in the next few days, post the deadline, and in case any refunds under the said category remain un-issued, action will be taken.

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