Industry & Economy
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Income Tax
PAC seeks clarity on moves to speed up I-T refunds
Our Bureau
New Delhi
,
Aug 3
THE Public Accounts Committee (PAC) 2005-06 has asked the Government to clearly spell out the specific steps taken by it to expedite the issuance of income-tax refunds.
In a report on `Refunds Under the Income-Tax Act, 1961' (15th report), the PAC has said that it was "dismayed" to find that the steps taken up by the Finance Ministry in pursuance of the committee's earlier observations and recommendations were too general and lacked specifics.
The committee had, in its earlier report, observed that the heavy outflow of Government revenue in the form of interest on refund to the assessees could have been avoided had the Finance Ministry paid greater attention to preventing computational mistakes and other procedural irregularities.
"The Action Taken Note does not contain any specific order, direction, circular number, etc., regarding the instructions given to field formations on the steps taken by the Government to strengthen the mechanism of checking of computation of refunds. The details of training, if held, have also not been furnished to the committee," said the report.
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