Reply to Notice u/s 245, Intimations u/s 143(1), Rectification Applications u/s 154

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Saturday, June 12, 2010

Limbo period for Income Tax Refund may reduce from the current 12 months taken

The Income-Tax Department must progressively reduce the time taken for refunds from the present period of more than four months to a maximum of 60 days, Mr S.S. Palanimanickam, Minister of State for Finance, has said.
There is also a need to review and revamp the existing Tax Deducted at Source (TDS) administration, he said in his valedictory address at the 26th Annual Conference of the Chief Commissioners of Income-Tax (CCIT) and Director General of Income Tax (DGIT) here on Thursday.

He highlighted that a major source of dissatisfaction of income-tax assessees is with respect to refund of taxes. “The time taken to grant refunds is very high when compared to international standards,” the Minister said, adding that the department should set up a task force to revamp the system of tax refunds.

The objective of the revamp should be to progressively bring down the time taken for refunds to a maximum of 60 days. He also pointed out that the taxpayers are facing difficulties in getting credit of the TDS paid by them.
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