4 years ago

Income tax department holding back refunds amounting to thousands of crores

Moneycontrol
Moneycontrol
The Income Tax (I-T) Department is holding back tax refunds of many private and public sector enterprises, likely equaling to 5-10 percent of total tax collection in 2017-18, sources in the department told Moneycontrol. The delay in some cases extends up to four years.

Direct tax collection in 2017-18 was Rs 9.95 lakh crore, exceeding the revised budgeted target of Rs 9.8 lakh crore.

The I-T Department is likely to be holding the refunds to exhibit a high tax collection figure. An additional commissioner in the department told Moneycontrol, "We have not received any formal communication from Central Board of Direct Taxes to delay tax refund to corporates. However, we are also not giving approval for any major tax refund to corporates."

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