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I-T Department issues refunds worth Rs 25,301 crore so far this fiscal year

The Income Tax Department on Wednesday said it has issued Rs 25,301 crore-worth refunds to more than 15.45 lakh taxpayers so far this fiscal.

Out of the total amount, personal income tax refunds to the tune of Rs 7,494 crore have been issued in over 15 lakh cases. Corporate tax refunds of Rs 17,807 crore have been issued to 44,140 taxpayers.

“CBDT issues refunds of over Rs 25,301 crore to more than 15.45 lakh taxpayers between 1st April, 2021 to 24th May, 2021,” the Income Tax Department said in a tweet.

The I-T department did not specify about which financial year the refunds pertained to. However, it is believed that the refunds are for tax returns filed for 2019-20 fiscal.

In the previous fiscal, the department had issued Rs 2.62 lakh crore-worth refunds to more than 2.38 crore taxpayers. The refunds issued in 2020-21 fiscal was 43.2 per cent higher than Rs 1.83 lakh crore issued in 2019-20 fiscal, which ended March 31, 2020.

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