I-T Dept Issues Rs 17,061 Crore of Refunds This Fiscal

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. 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.