I-T Dept issues ₹26,276 cr refunds in 2 months of FY22
PremiumOf this, personal income tax refunds worth ₹7,538 crore have been issued in 15,02,854 cases, whereas corporate tax refunds of ₹18,738 crore have been issued in 44,531 cases
The Income Tax Department announced that it has issued tax refunds to the tune of ₹26,276 crore to more than 15.47 lakh taxpayers during the first two months of financial year 2021-22.
While the tax department did not specify the year the refunds were issued for it is believed that they were related to the tax returns filed for the financial year 2019-20.
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"CBDT issues refunds of over ₹26,276 crore to more than 15.47 lakh taxpayers between 1st April, 2021 to 31st May, 2021," the Income Tax Department informed in a tweet.
Of this, personal income tax refunds worth ₹7,538 crore have been issued in 15,02,854 cases, whereas corporate tax refunds of ₹18,738 crore have been issued in 44,531 cases.
For the financial year ended March 31, 2021, the I-T Department had issued refunds worth ₹2.62 lakh crore to more than 2.38 crore taxpayers. This was 43.2 per cent higher than the ₹1.83 lakh crore issued in 2019-20.
The Income Tax Department is also working on a new e-filing portal to ease the process involved and facilitate quicker refund disbursal to taxpayers. The portal is scheduled to go live on June 7.
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