The Income Tax department on Wednesday said it has issued refunds of over Rs 15,438 crore to 11.73 lakh taxpayers in one month this fiscal.
Of this personal income tax refunds worth Rs 5,047 crore has been issued in over 11.51 lakh cases. Corporate tax refunds of Rs 10,392 crore have been issued to 21,487 taxpayers.
"CBDT issues refunds of over Rs 15,438 crore to more than 11.73 lakh taxpayers between 1st April, 2021 to 3rd May, 2021," the Income tax department tweeted.
The I-T department did not specify for which financial year the refunds pertain to.
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 issued in 2020-21 fiscal are 43.2 per cent higher than Rs 1.83 lakh crore issued in 2019-20 fiscal, which ended March 31, 2020.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU