Home Economy Rs.62,361 crore IT refunds in 56 days

Rs.62,361 crore IT refunds in 56 days

by Raju K
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The Income Tax Department refunded Rs.62,361 crore to more than 20 lakh taxpayers, despite the corona pandemic.

The Income Tax Department had issued tax refunds at a speed of 76 cases per minute from April 8 to June 30. In just 56 weekdays, the Central Board of Direct Taxes (CBDT) issued refunds to 20.44 lakh cases, disbursing Rs. 62,361 crore, according to a Press Information Bureau press release.

Income Tax refunds of Rs.23,453.57 crore have been made in 19,07,853 cases to taxpayers and corporate tax refunds of Rs.38,908.37 crore issued in 1,36,744 cases during this critical period. Refunds have been made electronically and deposited into the bank accounts of taxpayers. With the introduction of sophisticated processing and disbursal system, no taxpayer has to approach the IT Department for release of refund. They get refunds directly into their bank accounts.

The department also reiterated that taxpayers should provide immediate response to its emails so that refunds in their cases too could be processed and issued immediately. Such emails seek taxpayers to confirm their outstanding demand, bank account number and reconciliation of defect or mismatch prior to issue of refund. In all such cases, quick response from the taxpayers would enable the IT Department to process their refunds expeditiously, said the release.


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