Tax refunds worth Rs 62,361 crore have been issued amid the COVID-19 pandemic
The finance ministry on Friday said that Income Tax (I-T) department has issued tax refunds worth Rs 62,361 crore to over 20 lakh taxpayers amid the COVID-19 pandemic. "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," the release stated.
The finance ministry also said that the refunds have been cleared by the Central Board of Direct Taxes (CBDT) electronically and that it has cleared 76 pending tax refund cases every minute from 8 April, 2020 to 30 June, 2020.
In April this year, I-T department had said that the government will "release all pending income tax refunds up to Rs 5 lakh immediately."
An individual is liable to get income tax refunds when the tax deducted from income in a particular financial year is higher than his/her total income tax liability.
