BackIncome tax refunds: 20 lakh taxpayers got over ₹62,000 crore this financial year
The income tax department said it is not only taxpayer-friendly but also a facilitator providing liquidity during COVID-19 pandemicEvery minute, 76 assesses got income tax refund
PremiumExpediting the process of issuing income tax refunds during the coronavirus pandemic, the income tax department issued tax refunds at the speed of 76 cases per minute from 8th April to 30th June.
"During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than ₹62,361 crore," the finance ministry said in a release today.
Income tax refunds amounting to ₹23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to ₹38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period.
"Refunds of this magnitude and numbers have been issued completely electronically and have been directly deposited into the bank accounts of the taxpayers. Unlike what used to happen some years ago, in these refund cases, no taxpayer had to approach the department to request for release of refund. They got refunds directly into their bank accounts," the ministry said.
In some cases, the income tax department has sent emails to taxpayers asking them to confirm their outstanding tax demand, their bank account number and reconciliation of defect/mismatch prior to issue of refund.
The I-T department reminded taxpayers that they must reply to all such emails at the earliest so that refunds could be processed and issued right away.
To help taxpayers tide over the ongoing financial crisis during the coronavirus lockdown, the income tax department has expedited the process of issuing all pending income tax refunds up to ₹5 lakh.
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