43% Rise in I-T Refunds in Fiscal 2020-21

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 are. 

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.