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Income Tax Department Refunded Rs. 62,361 Crore Amid COVID-19 Pandemic

More than 20 lakh taxpayers benefitted with the refund initiated by Income Tax Department

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Transcontinental Times Staff
Transcontinental Times Staffhttps://www.transcontinentaltimes.com
Submissions filed under "Staff" are acredited to their authors at the bottom of the article if any.

INDIA. The Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8 April to 30 June 2020. During this period of 56 weekdays, the Central Board of Direct Taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore.

Electronic tax refund processing. Income tax refunds amounting to Rs. 23,453.57 crore have been issued in 19,07,853 cases to taxpayers, and corporate tax refunds amounting to Rs. 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period. Refunds of this magnitude and numbers have been issued completely electronically and have been directly deposited into the bank accounts of the taxpayers. Unlike the past, no taxpayer had to approach the department to request refund.

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CBDT reiterated that taxpayers should provide immediate response to emails of the department so that refunds in their cases too could be processed and issued right away. Such emails seek taxpayers to confirm their outstanding demand, their bank account number, and reconciliation of defect/mismatch prior to issue of refund. In all such cases, quick responses from the taxpayers would enable the expeditious processing of their refunds.


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