Income Tax Refunds Worth Over Rs 1.98 Lakh Crore Issued To 1.95 Crore Taxpayers In Eleven Months: CBDT

Income Tax Refunds Worth Over Rs 1.98 Lakh Crore Issued To 1.95 Crore Taxpayers In Eleven Months: CBDTThe Income Tax office.

The Income Tax department on Wednesday (3 March) said that it has issued over Rs 1.98 lakh crore worth refunds to more than 1.95 crore taxpayers in the current fiscal so far.

The Central Board of Direct Taxes (CBDT) has informed that refunds of Rs 1,98,106 crore have been issued to over 1.95 crore taxpayers between 1 April 2020 and 28 February 2021.

Of the total refunded amount, Rs 70,572 crore have been issued in 1.92 crore cases while corporate tax refunds of Rs 1.27 lakh crore have been issued in over 2.19 lakh cases.

"Income tax refunds of Rs 70,572 crore have been issued in 1,92,45,556 cases & corporate tax refunds of Rs 1,27,534 crore have been issued in 2,19,050 cases," the CBDT said in a tweet on Wednesday.

The I-T department has smoothened its tax processing systems that has resulted in 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.