Easier I-T refunds soon

In an attempt to expedite the income tax (I-T) refund process, the I-T department has launched a refund banker scheme and will open three more central processing centres (CPCs) in Manesar, Pune and Kolkata. HT reports.

In an attempt to expedite the income tax (I-T) refund process, the I-T department has launched a refund banker scheme and will open three more central processing centres (CPCs) in Manesar, Pune and Kolkata.

HT Image

“The contribution of direct taxes to gross domestic product (GDP) is very high and we want to ensure our taxpayers don’t face problems in getting refunds and it should be faster," Central Board of Direct Taxes (CBDT) chairman Sudhir Chandra said here on Tuesday.

He said the department will exceed the collection target of R4.30 lakh crore, and has already collected R2.99 lakh crore.

Chandra said the I-T department will procure details of doubtful bank accounts held by Indians abroad. “We are in negotiation with 22 countries... an agreement has been signed with Bermuda and three are in a very advanced stage,” he said.

Meanwhile, the BJP has also asked the Centre to immediately declare names of Indians who have money stashed away in Swiss bank accounts.

Chandra said the three panels set up to probe black money parked by Indians abroad had found been a wide variation in estimated figures.