I-T Dept Issues Rs 25,301 Crore in Refunds This Fiscal

The Income Tax department on Wednesday tweeted that it has issued Rs 25,301 crore in refunds to over 15.45 lakh taxpayers this fiscal. This includes personal income tax refunds to the tune of Rs 7,494 crore, issued in over 15 lakh cases, and corporate tax refunds of Rs 17,807 crore, issued to 44,140 taxpayers.

“CBDT issues refunds of over Rs 25,301 crore to more than 15.45 lakh taxpayers between April 1, 2021 and May 24, 2021,” the Income Tax department said in a tweet.

The department did not specify which financial year the refunds pertained to. However, it is believed that the refunds are for tax returns filed for 2019-20 fiscal. In the previous fiscal, the department had issued Rs 2.62 lakh crore in refunds to over 2.38 crore taxpayers.

The refunds issued in 2020-21 fiscal was 43.2 per cent higher than the amount of Rs 1.83 lakh crore, issued in 2019-20 fiscal, which ended March 31, 2020.