Due to the Covid-19, the Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have been issued to 43,661 taxpayers. In this article, we will discuss on Income Tax Department issues Income tax refunds of Rs 24,792 cr.
Income Tax Department issues Income tax refunds
CBDT announces refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021,” the Income-tax department tweeted.
The I-T department did not specify the financial year for the refunds. However, it is believed that the refunds are for tax returns filed for 2019-20 fiscal.
In the previous fiscal, which ended on March 31, 2021, the department had issued Rs 2.62 lakh crore worth refunds to more than 2.38 crore taxpayers.
The refunds published in the 2020-21 fiscal is 43.2 per cent higher than Rs 1.83 lakh crore issued in 2019-20, which ended March 31, 2020.
Further, the department granted Rs 2.62 lakh crore in refunds to more than 2.38 crore taxpayers in the previous fiscal year, which ended on March 31, 2021.
The refunds released in the fiscal year 2020-21 are 43.2 per cent higher than the Rs 1.83 lakh crore issued in the previous fiscal year, which ended on March 31, 2020.
The refunds were not allocated to a specific fiscal year by the I-T department. The refunds, however, are thought to be for tax returns filed in the 2019-20 fiscal year.
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