I-T Department refunds Rs 62,361 crore to over 20 lakh taxpayers in 56 weekdays

I-T Department refunds Rs 62,361 crore to over 20 lakh taxpayers in 56 weekdays

The Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period, the Central Board of Direct Taxes (CBDT) has issued refunds amounting to over Rs 62,361 crore in more than 20.44 lakh cases.

"It is stated that taxpayers are experiencing this facet of the I-T Department which is not only taxpayer-friendly but also that of a facilitator providing liquidity in this hard time of Covid-19 pandemic. 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," a statement by the ministry of finance said.

Refunds of this magnitude and numbers 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 release of refund. They got refunds directly into their bank accounts.

The CBDT has reiterated that taxpayers should provide an immediate response to emails of the department so that refunds in their cases too could be processed and issued right away.

Such emails of I-T Department seek taxpayers to confirm their outstanding demand, their bank account number and reconciliation of defect/mismatch prior to issue of refund. In all such cases, quick responses from the taxpayers would enable the I-T Department to process their refunds expeditiously.