India hold Rs.1.2L cr I-T refunds

Income tax refunds to the tune of over Rs 1.2 lakh crore are pending for the last three fiscals, starting 201213, India’s minister of state for finance Jayant Sinha said in a written reply in the Rajya Sabha.The pending amount for current fiscal so far is Rs 68,032 crore; Rs 43,963.4 crore in 2013-14 and Rs 7,968.5 crore in 2012-13.Processing, determination, issuance and encashment of income-tax refund claims is a continuous process and therefore a part of the outstanding refunds would in the normal course also get postponed to next year, Sinha said.In reply to a separate question, Sinha said government is committed towards engendering a non-adversarial tax regime.