Today Income Tax Department said that the refund worth of Rs 80,000 crore have been issued to 24.64 lakh taxpayers during the ongoing financial year.
“CBDT has covered more than 24.64 lakh taxpayers from 1st April refunding almost Rs.88,652 crore, 2020 onwards. Income Tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs. 60,472 crore have been issued in 1,58,280 cases,” the income tax department said.
Keeping in mind the Finance Ministry had earlier said that the condition arising out of the spread of COVID -19 and related lockdown, emphasis was laid on releasing all the refunds at earliest possible time.
The issue of refunding was taken on priority and was likely to be completed by 31st August 2020. The income tax department has asked taxpayer to provide quick response by mailing to IT department in order to facilitate faster processing of refunds.
Till now about 0.5% of the returns is selected for scrutiny, and refunds are issued quickly at the time of processing itself for the large number of taxpayers.
