Income Tax Department refunds Rs 62,361 crore to more than 20 lakh taxpayers

Income Tax Department refunds Rs 62,361 crore to more than 20 lakh taxpayers

Pune: In pursuance to the Government's decision to issue pending income tax refunds, to help taxpayers in a pandemic situation, the Income Tax Department has issued tax refunds to 76 people per minute, from April 8 to June 30, 2020. During the period of just 56 weekdays, the Central Board of Direct Taxes (CBDT) has issued refunds to more than 20.44 lakh cases amounting over Rs 62,361 crore.

The taxpayers are experiencing this facet of the IT Department, which is not only taxpayer-friendly but also that of a facilitator providing liquidity in this hard time of COVID-19.

Income tax refunds amounting to Rs 23,453.57 crore have been issued to 19,07,853 taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued to 1,36,744 taxpayers during this period.

Refund of this magnitude and number have been issued completely electronically and have been directly deposited into the bank accounts of the taxpayers, unlike what used to happen some years ago. In these refund cases, no taxpayer had to approach the department to request for release of refund. They got refunds directly into their bank accounts.

CBDT reiterated that taxpayers should provide an immediate response to emails received from the department, so that refunds could be processed and issued in the right away. Such emails of the IT Department seek taxpayers to confirm their outstanding demand, their bank account number, and reconciliation of defect/mismatch before the issue of refund. In all such cases, quick responses from the taxpayers would enable the IT department to process their refunds expeditiously.

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