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.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.