The Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year.
Of this, personal income tax refunds worth Rs 5,575 crore were issued in over 12.71 lakh cases and corporate tax refunds of Rs 11,486 crore were issued to 29,592 taxpayers.
CBDT issues refunds of over Rs 17,061 crore to more than 13 lakh taxpayers between 1st April, 2021 to 10th May, 2021,” the department tweeted.
It did not specify for which financial year the refunds pertain to. However, it is believed that the refunds are for tax returns filed for 2019-20.
In the previous fiscal year which ended on March 31, 2021, the department issued Rs 2.62 lakh crore worth refunds to more than 2.38 crore taxpayers.
The refund issued in 2020-21 is 43.2 per cent higher than Rs 1.83 lakh crore issued in the previous year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.