Income Tax Return Filings Double To 3 Crore, Refund Up By 81 Per Cent

The number of income tax (IT) returns filed until late July has seen a steep increase compared to last year, Times of India has reported.

The number of successful refunds this year has increased by 81 per cent to 65 lakh. Until Thursday, refunds worth Rs 77,000 crore was cleared, which is 35 per cent more compared to the corresponding period in the last fiscal.

The major complaint of taxpayers is that of refunds being held up. However, it is said that the new system of processing the returns has made sure that refunds are not held up. It is reported that around 60 per cent of the electronically filed returns have already been processed.

Analysts and experts believe that the increase could be because of the government deciding to levy a fine on returns filed after the original deadline, which was 31 July. The new deadline is 31 August. Until Thursday, 3.07 crore e-returns had been filed, which is 82 per cent more than the returns filed in the corresponding period last year.

The government intends to expand the tax base by tapping information from multiple sources, such as property registrations, high-value purchases, car dealers and jewelers. The government is planning to increase the taxpayer base by 1.25 crore this year.