Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India has issued a refund of over Rs 1,29,190 crore to more than 39.49 lakh taxpayers. The refund has been issued for the period between 1st April 2020 to 03rd November 2020. The CBDT issued income tax refunds of Rs 34,820 crore in 37,55,428 cases and Rs 92,370 crore in 1,93,059 cases.
Earlier on Friday, Finance Secretary Ajay Bhushan Pandey said, about ₹ 1,27,000 crore has been sent to bank accounts of individuals and businesses in this financial year.
“We are monitoring the progress of the quick refunds system weekly and release refunds data in the public domain. This helps us build trust between the taxpayers and the I-T department besides facilitating liquidity to the taxpayers,” Mr Pandey said.
“Another important aspect is that the Income – Tax Department has now a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without any manual interface or intervention,” he added.
The finance secretary said that they are using Direct Benefit Transfer for the quick and safe transfer of money. “The income tax department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessment in a seamless manner and at a larger scale,” he said.
