Income Tax Department Refunds Rs 1.93 Lakh Crore To Over 1.90 Crore Taxpayers Since April 2020

Income Tax Department Refunds Rs 1.93 Lakh Crore To Over 1.90 Crore Taxpayers Since April 2020The Income Tax office.

The Central Board of Direct Taxes (CBDT) has so far issued over Rs 1,93,455 crore in refunds to over 1.90 crore taxpayers from 1 April till 15 February, the Income Tax department said on Wednesday (17 February).

As per the I-T department, income tax refunds of Rs 68,515 crore have been issued in connection with 1,88,02,365 cases and corporate tax refunds of Rs 1,24,939 crore have been issued in 2,16,064 cases.

"CBDT issues refunds of over Rs 1,93,455 crore to more than 1.90 crore taxpayers taxpayers between 1st April, 2020 to 15th February, 2021. Income tax refunds of Rs 68,515 crore have been issued in 1,88,02,365 cases and corporate tax refunds of Rs 1,24,939 crore have been issued in 2,16,064 cases," a tweet by the I-T department said.

The I-T department has smoothened its tax processing systems that has resulted quick assessments and timely generation of refunds. In wake of the Covid pandemic, the department is going the extra mile to complete the procedures so that refunds can be generated quickly and help in ensuring liquidity position of taxpayers.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)