Tax sops to SEZs: Rs 1 lakh cr loss

Of the estimated revenue loss of Rs 1,02,621 crore (1026.21 billion) over the period FY07 to FY10, the loss on account of direct taxes is estimated to be Rs 53,740 crore (Rs 537.40 billion) and on account of indirect taxes at Rs 48,881 crore (Rs 488.81 billion), Minister of State for Finance S S Palanimanickam said in the Lok Sabha.

Replying to another question, Palanimanickam said Income Tax Employees Federation and Income Tax Gazetted Officers Association have opposed outsourcing the job of accepting income tax returns to post offices.

It has been decided to process these returns centrally, he said, adding it would facilitate issue of refunds quickly.

As many as 4,12,278 tax returns have been received through the post offices in the country up to October 31 this year, he said.