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IT Department Puts ₹20,000 cr Worth of Refunds on Hold for Private, PSU Companies
January 19, 2019
Income tax refunds amounting to as much as ₹20,000 crores that were claimed by private companies and public sector units have been held back by the Income Tax department. The department cited reasons like carrying forward losses, discrepancies in the deducted TDS, and pending tax demand for the previous years.
Sources said that the refund claims will be put on hold until the issues are resolved. These funds alone make for 1.7% of the direct tax collection estimate for this financial year.
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