With the financial year coming to a close, the income-tax department has begun a drive across Andhra Pradesh to clear refunds.

“We have cleared about 70 per cent of refunds. We will clear the remaining part too in the next few days,” a senior official of I-T Department told Business Line .

Before June 2010, the Department had put about Rs 1,000 crore suspense account due to gaps in information in the I-T returns filed by some public and private sector employees. It, however, cleared it off later.

“At that time, some people had either forgotten to mention their PANs or keyed in wrong PANs. Some others had forgotten to indicate their bank accounts, leading to piling of refunds,” he said.

Appealing people to fill up return papers with all relevant information, he said the problem should not arise this year with the Department initiating a campaign in this regard.

Exemption

With regard to the waiver announced by the Union Finance Minister, Mr Pranab Mukherjee, for those with incomes less than Rs 5 lakh and whose income-tax is being paid by their employers, he said the details would be known soon on the nitty-gritty of this exemption.

“Those with additional income (other than shown in the Form 16) should continue to file returns,” he clarified.

“The employees will have two options. They can disclose those incomes in their returns or they could submit information with proof to their respective employers. They (employers) have to oblige and factor in as they compute TDS (tax deducted at source),” he said.

Related Topics
comment COMMENT NOW