Income tax refunds worth over ₹26,000 crore issued so far this financial year1 min read . Updated: 22 May 2020, 04:12 PM IST
- Income tax refunds are being issued at a greater pace now
- Altogether, 16.8 lakh assesses have received income tax refunds since April
NEW DELHI : Speeding up the income tax refund process during coronavirus pandemic, refunds worth ₹26,242 crore have been issued to 16,84,298 assessees in between April 1 and March 21. During the period, corporate tax refunds amounting to ₹11,610 crore have been issued to 1,02,392 assessees, the Central Board of Direct Taxes (CBDT) said.
It said the refund process has been further expedited and income tax refunds are being issued at a greater pace since the finance minister Nirmala Sitharaman’s announcement made in the AatmaNirbhar Bharat Abhiyan last week.
The income tax department has released a sum of ₹2,050.61 crore in the previous week ended on 16th May, i.e., between 9th to 16th May, 2020 to 37,531 income tax assessees and a sum of ₹867.62 crore to 2878 corporate tax assessees.
During this week, i.e. between 17th to 21st May, 2020, yet another 1,22,764 income tax assessees were refunded ₹2672.97 crore and 33,774 corporate tax assessees including trusts, MSMEs, proprietorships, partnerships, etc. were issued refunds worth Rs. 6714.34 crore, taking the total amount refunded to Rs. 9387.31 crore in the case of 1,56,538 assessees.
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.
"We are not delaying (refund). We are not sitting over it. I am giving it to you now because money is required now and it should reach now," Sitharaman had said last week.
The Union government had earlier announced a reduction in the rate of Tax Deduction at Source (TDS) for the non-salaried specified payments and Tax Collection at Source (TCS) for specified receipts by 25 per cent for the period from May 14, 2020 to March, 31, 2021.