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Tax Refund upto Rs. 50000.00 sending soon by Income Tax.

Income Tax refund amount upto Rs. 50000/- sending soon by Income Tax for Asstt. Year 2012-13 to 2013-14.  In this matter Income Tax Department has to take main-foot to return the Income Tax  refund to taxpayer.

This is the good news news for Taxpayers and  good move by Income Tax Department also.  Now the department understands that it may adverse effect to the tax-payer by getting the refund money late and due to this department has liable to pay more interest on refund amount. 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.

Now a days the economy conditions is very poor and thus Finance Minister has set the target of 18% growth in gross tax collection.  The growth rate is also around 4%. So how to achieve this target? Said by a Tax Senior officer.