Income Tax Refunds Worth Over Rs 2.04 Lakh Crore Issued To 2.09 Crore Taxpayers So Far In FY21: CBDT

Income Tax Refunds Worth Over Rs 2.04 Lakh Crore Issued To 2.09 Crore Taxpayers So Far In FY21: CBDTThe Income Tax office.

The Income Tax department on Wednesday (17 March) said that it has issued over Rs 2.04 lakh crore worth refunds to more than 2.09 crore taxpayers in the current fiscal so far.

The Central Board of Direct Taxes (CBDT) has informed that refunds of Rs 2,04,805 crore have been issued to over 2.09 crore taxpayers between 1 April 2020 and 15 March 2021.

Of the total refunded amount, Rs 73,607 crore have been issued in 2.06 crore cases while corporate tax refunds of over Rs 1.31 lakh crore have been issued in more than 2.21 lakh cases.

"Income tax refunds of Rs. 73,607 crore have been issued in 2,06,64,547 cases & corporate tax refunds of Rs. 1,31,198crore have been issued in 2,21,014 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.