July 4, 2020 1:02:11 am
The income tax department on Friday said that it has issued refunds worth Rs 62,361 crore between April 8 and June 30.
The Department processed 20.44 lakh cases within the 56 week days in this period. On April 8, the Centre had announced that it would release pending I-T refunds to help businesses and individuals tide over the potential cash flow issues due to lockdown.
The department said it has issued refunds in 76 cases per minute during this time. “Income-tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period,” the department said in a statement.
It further said that refunds of this magnitude 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 the release of refund.
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The Central Board of Direct Taxes reiterated that taxpayers should provide immediate response to emails of the department so that refunds in their cases too could be processed and issued right away. FE
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