Income tax department holding back refunds amounting to thousands of crores

Income tax department holding back refunds amounting to thousands of crores

The income tax department is likely to be holding back the refunds to exhibit a high tax collection figure

The Income Tax (I-T) Department is holding back tax refunds of many private and public sector enterprises, likely equaling to 5-10 percent of total tax collection in 2017-18, sources in the department told sources.

Direct tax collection in 2017-18 was Rs 9.95 lakh crore, exceeding th revised budgeted target of Rs 9.8 lakh crore.

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