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  Business   In Other News  03 Jul 2020  I-T department refunds ₹62,000 crore to 20 lakh taxpayers

I-T department refunds ₹62,000 crore to 20 lakh taxpayers

PTI
Published : Jul 3, 2020, 3:32 pm IST
Updated : Jul 3, 2020, 3:32 pm IST

The income tax department has issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020

 I-T refunds worth Rs 62,361 cr issued to 20.44 lakh taxpayers during Apr 8-Jun 30. (PTI Photo)
  I-T refunds worth Rs 62,361 cr issued to 20.44 lakh taxpayers during Apr 8-Jun 30. (PTI Photo)

New Delhi: The income tax department has issued refunds worth Rs 62,361 crore to over 20 lakh taxpayers between April 8 and June 30.

This includes personal income tax (PIT) refunds amounting to Rs 23,453.57 crore issued to 19.07 lakh taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore to over 1.36 lakh taxpayers during this period.

 

"The income tax department has issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs 62,361 crore," an official statement said.

These refunds have been directly deposited into the bank accounts of the taxpayers and no taxpayer had to approach the Department to request for release of refund.

The CBDT further asked taxpayers to provide immediate response to e-mails of the department so that refunds in their cases too could be processed and issued right away.

 

"Such e-mails of the I-T department seek taxpayers to confirm their outstanding demand, their bank account number and reconciliation of defect/mismatch prior to issue of refund. In all such cases, quick responses from the taxpayers would enable the I-T department to process their refunds expeditiously," it added.

On April 8, the department had said that in the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately.

Tags: income tax department, central board of direct taxes (cbdt), taxpayers, taxes, returns
Location: India, Delhi, New Delhi