Income tax department issued over ₹88,000 crore refund this financial year

NEW DELHI : The income tax department today said that refunds worth more than ₹80,000 crore have so far been issued to 24.64 lakh taxpayers during the ongoing financial year.

“CBDT has, so far, issued refunds of over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs.60,472 crore have been issued in 1,58,280 cases,” the income tax department said.

The finance ministry had earlier said that keeping in mind the situation arising out of the spread of Covid-19 and the related lockdown, emphasis was laid on releasing all refunds at the earliest possible time.

All refund related issues are being taken up on priority and was likely to be completed by 31st August, 2020. The income tax department has asked taxpayers to provide immediate response to emails of I-T department in order to facilitate faster processing of refunds.

Since only about 0.5% of the returns is selected for scrutiny, refunds are issued expeditiously at the time of processing itself for the bulk of the taxpayers.

Refunds are now directly credited to bank accounts of taxpayers.

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