Income tax refunds of Rs 14,835 crore have been issued in 2,170,134 cases and corporate tax refunds of Rs 36,696 crore have been issued in 128,870 cases.
The Central Board of Direct Taxes (CBDT) issued refunds of over Rs 51,531 crore to more than 22.99 lakh taxpayers between 1st April 2021 to 23rd August 2021, the Income Tax (I-T) Department has informed.
Income tax refunds of Rs 14,835 crore have been issued in 21,70,134 cases and corporate tax refunds of Rs 36,696 crore have been issued in 1,28,870 cases.
For FY2021-22, ITD has issued refunds of over Rs 51,531 crore up to August 23, 2021. Till date, 93 per cent of the refund claims in ITRs for AY20-21 have already been processed. In the past week, refunds of over Rs 15,269 crore have been issued, which will be credited to taxpayers shortly.
During the last year (FY 20-21), refunds of Rs 2.62 lakh crore, which is an increase of over 42 per cent over FY 19-20, were issued to over 2.37 crore taxpayers. It may be noted that this included the refunds expedited in a series of measures providing relief to taxpayers during the pandemic.
To resolve pending refunds of AY 20-21, ITD is in the process of communicating with taxpayers, where responses from taxpayers would be required in cases involving notices for prima facie adjustments, defects, adjustment u/s 245 and refund failure due to bank account mismatch.
The Income Tax Department requests taxpayers to respond online quickly so that income tax returns (ITR) in such cases of AY 20-21 can be processed expeditiously. The I-T Department has also commenced processing of ITRs 1 and 4 for AY 21-22 and refunds, if any, will be issued directly to the bank account of the taxpayer.
On 21 August 2021, CBDT issued refunds of over Rs 49,696 crore to more than 22.75 lakh taxpayers between April 1 and August 16, the Income Tax Department mentioned.
