Taxpayers get some relief: Personal Income tax refunds worth Rs 5,575 crore made by I-T Department
For the past few months, Central Board of Direct Taxes officials have claimed that they have tried to complete refund payments as fast as possible to mitigate the hardships caused by the pandemic
Here is some good news for taxpayers amidst the Covid-19 pandemic.
Continuing its efforts of helping taxpayers in the hour of crisis, the Income Tax Department said on Wednesday that it has issued more than Rs 17,061 crore worth of refunds benefitting more than 13 lakh taxpayers this fiscal year.
Individual taxpayers
Of this amount, individual taxpayers got refunds of Rs 5,575 crore, or 32.67% of the total amount refunded. The number of individuals who benefitted was more than 12.71 lakh cases.
The amount of refund issued to corporates was Rs 11,486 crore, or 67.33% of the entire amount. As many as 29,592 corporate taxpayers got refunds.
“CBDT issues refunds of over Rs 17,061 crore to more than 13 lakh taxpayers between 1st April, 2021 to 10th May, 2021,” the Income Tax Department tweeted.
Which year?
However, the officials did not mention the year that the refunds pertained to.
For the past few months, Central Board of Direct Taxes officials have claimed that they have tried to complete refund payments as fast as possible to mitigate the hardships caused by the pandemic.
In FY21, the Income Tax Department refunded Rs 2.62 lakh crore to more than 2.38 crore taxpayers. The amount was a 43.2% jump compared to the refund of Rs 1.83 lakh crore in FY20.