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Tuesday, September 29, 2020

Direct tax refunds worth Rs 88,652 cr issued to over 24 lakh taxpayers: I-T Dept

The department, however, did not release the comparative year-ago figures.

By: ENS Economic Bureau | New Delhi | August 22, 2020 1:13:46 am
Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies. (File)

Direct tax refunds worth Rs 88,652 crore have been issued to over 24 lakh taxpayers so far in this financial year, the Income-tax Department said on Friday. This includes personal income tax (PIT) refunds of Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period.

The department, however, did not release the comparative year-ago figures.

“CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 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 I-T department posted on Twitter.

The tax department had earlier on July 17 stated that it has issued refunds worth Rs 71,229 crore in more than 21.24 lakh till July 11, implying issuance of refunds of Rs 18,423 crore in last one month.

On April 8, as part of the measures in the wake of the COVID-19 pandemic, the government had announced immediate issuance of all pending income-tax refunds up to Rs 5 lakh, estimating it to benefit around 14 lakh taxpayers.

The government had also stated it will issue all pending GST and custom refunds which would provide benefit to around 1 lakh business entities, including Micro, Small, and Medium Enterprises.

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