The Hindu : Govt. promises tax refunds within four months

Online edition of India's National Newspaper
Tuesday, Jul 01, 2003

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Govt. promises tax refunds within four months

By Our Special Correspondent

NEW DELHI JUNE 30. The Government today promised to process all income tax and corporate tax returns within four months and make refunds accordingly.

According to the Chairman of the Central Board of Direct Taxes (CBDT), P. L. Singh, during 2002-03, as many as 80 per cent of the returns were processed on computers. "This year, we intend to computer-process 100 per cent of the returns and make refunds within four months.

In case this is not possible in any particular IT circle, the processing will be outsourced to a suitable agency,'' Mr. Singh told presspersons.

Against 39.87 lakh refund vouchers issued by the Revenue Department during 2002-03, involving Rs. 22,676 crores, within the first three months of the current financial year, 13.65 lakh refund vouchers had been issued resulting in an outgo of Rs. 12,088 crores.

For the salaried class, therefore, IT refunds should be available by January 2004 as the last date of filing returns in their case is September 30 this year.

Mr. Singh said that since all the returns would be processed on computer this year, tax-payers would also get details about the tax paid and refunds ordered.

Mr. Singh announced that from tomorrow, new Permanent Account Number (PAN) cards would be issued to those who have not applied.

The cards would be issued through the Unit Trust of India Investor Services Limited (UTIISL) at a cost of Rs. 60 while the application form would cost Rs. 5.

Also, from tomorrow, the PAN service centres would be set up in all cities or towns where income tax offices are located (there are 501 such offices all over India). These centres would supply application forms and receive them and, if all details are in the form are correctly filled, the card would be made available within 15 days.

They would be like any credit card with a colour photo of the tax-payer.

Those who have already applied for the PAN card and have not received them would, however, get the old style card directly from the income tax department. Those already having PAN cards could exchange them for the new cards by paying the requisite money.

However, all existing cards would remain valid and holders of such cards would not have to apply again in case they want to retain the old cards.

Further details are available on the website www.incometaxindia.gov.in

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Govt. promises tax refunds within four months