I-T refunds 74,000 cr this year….TIMES NEWS NETWORK
Mumbai:The income tax department distributed Rs 74,000 crore as refunds in the financial year 2010-11, as compared to Rs 58,000 crore in 2009-10.
Central board of direct taxes chairman Sudhir Chandra said the department saved Rs 4,000 crore in interest by issuing over Rs 20 lakh in refunds in April. Chandra said that 90 per cent of the work on refunds is over and expects to complete by June-end.
On the government examining powers granted to some investigating agencies to tap phones, Chandra said, There is no change in the original circumstances in which the power to intercept phones was given. He said that the department unearthed large amounts of black money.
In the last one-and-a-half years, the investigation wing has recovered Rs 32,000 crore on account of transfer pricing, Rs 35,000 crore on account of international taxation and Rs 30,000 crore through searches and seizures.
India has tax information exchange agreements with five countries. In seven other cases, it is in the final stage, Chandra said.