Income Tax Dept Issued Refunds Worth Over Rs 80,000 Crore So Far This Year

On Friday, the income tax department said that refunds worth more than Rs 80,000 crore have so far been issued to 24.64 lakh taxpayers during the ongoing financial year.

"CBDT has, so far, issued refunds of over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs.60,472 crore have been issued in 1,58,280 cases," the income tax department said.

Earlier, the finance ministry had said that keeping the current coronavirus situation in mind, the emphasis was laid on releasing all refunds at the earliest possible time.

All refund related issues are being taken up on priority and were likely to be completed by 31 August 2020. The income tax department has asked taxpayers to provide an immediate response to emails of the IT department in order to facilitate faster processing of refunds.

Since only about 0.5 percent of the returns is selected for scrutiny, refunds are issued expeditiously at the time of processing itself for the bulk of the taxpayers and credited directly to their bank accounts.