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Modi government owes taxpayers Rs 119,000 crore as I-T refunds

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By Newsgram Staff Writer

“Income-tax refunds amounting to Rs.1,19,964.13 crore relating to last three assessment years are pending as on March 5, 2015,” Minister of State for Finance Jayant Sinha told Rajya Sabha in today.

Processing, determination, issuance and encashment of income tax refund claims is a continuous process and a part of the outstanding refunds would, therefore, in the normal course also get postponed to next year, Sinha said.

As of now, the pending amount for the current fiscal so far is Rs.68,032.21 crore. It was Rs.43,963.42 crore in 2013-14 and Rs.7,968.51 crore in 2012-13, MoS Finance said, and added, “An amount of Rs.106,499 crore has already been refunded to the taxpayers in the current financial year till March 7, 2015,” he added.

The projected target of income tax collection in the ongoing 2014-15 fiscal is Rs.700,000 crore.

For the coming fiscal 2015-16, the union government has not changed the ceiling on income tax but introduced an additional two per cent surcharge on the income of super-rich individuals in the country.

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Quota Reservation Bill Moved in Rajya Sabha

The Constitution (124th Amendment) Bill was passed after a division with 323 members voting in its favour and three against in the Lok Sabha on Tuesday

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The Rajya Sabha was adjourned till afternoon following protests by opposition members amidst a demand that the Constitution bill providing for upper castes reservation be sent to a Select Committee for detailed consideration even as the government sought to push ahead with its passage on the last day of the winter session on Wednesday.

With Lok Sabha having passed the Constitution (124th Amendment) bill providing for 10 per cent reservation for the economically weaker sections among the general category in government service and higher educational institutions, Social Justice Minister Thawarchand Gehlot moved it for consideration in the upper House.

CPI member D. Raja, who objected to the consideration of the bill, demanded that it be sent to a Select Committee and the House should first take a decision on it.

Madhusudhan Mistry of Congress said the Bill was not complete and told the government that it cannot have both introduction and voting on the same day. He asked what was the urgency in the passage of the Bill.

Members were also protesting against the “unilateral” extension of the session till Wednesday saying it was done without consulting the opposition. They said the Chair did not announce a day’s extension in the working days of the House nor did it seek the members’ consent.

Minister of State for Parliamentary Affairs Vijay Goel said the Congress was raising technical issues to stall the Bill. “If you openly oppose the Bill, it is different. Otherwise, let’s have a discussion on it as it has already been introduced,” he said.

Quota reservation bill moved in Rajya Sabha.

Moving the Bill, Gehlot said the Constitution does not allow reservation on economic basis and due to that poor people in general category miss out on opportunities.

“There was a complaint by poor of the general category that they could not avail of government benefits. The decision has been taken after much consideration. This bill will uplift the poor,” he said.

He appealed to the members to pass the bill unanimously. This was followed by the start of the debate by BJP member Prabhat Jha. But as shouting and uproar continued, Deputy Chairman Harivansh adjourned the House till 2 p.m.

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The Constitution (124th Amendment) Bill was passed after a division with 323 members voting in its favour and three against in the Lok Sabha on Tuesday.

Earlier in the day too, the House was adjourned once up to noon after protests by members on the “unilateral” extension. (IANS)