Income Tax refunds issued: Taxpayers get more than Rs 1 lakh crore in first half of this fiscal

Income Tax refunds issued: Taxpayers get more than Rs 1 lakh crore in first half of this fiscal

income tax refunds, ITR, tax refunds, atmanirbhar package, relief measureThe I-T department had issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020.

The Income Tax Department today said that it has issued refunds of over Rs 1.18 lakh crore to more than 33.54 lakh taxpayers between 1 April 2020 and 29 September 2020. Income tax refunds of Rs 32,230 crore have been issued in 31.75 lakh cases and corporate tax refunds of Rs 86,094 crore have been issued in 1.78 lakh cases. The department has expedited the process of income tax returns after Finance Minister Nirmala Sitharaman announced faster tax refunds as a relief measure under the Atmanirbhar Bharat package earlier this year.

However, being asked on how the government can consider the income tax refunds as part of economic relief package when it is the people’s money, FM Sitharaman had said that she accepts that it is people’s hard-earned money but the government is disbursing the refunds at a comparatively much faster rate to provide more cash in the hands of people.

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The income tax department had refunded Rs 62,361 crore to more than 20 lakh taxpayers amid the lockdown after Finance Minister Nirmala Sitharaman had assured to release all pending income tax refunds immediately. The I-T department had issued tax refunds at a speed of 76 cases per minute from April 8 to June 30, 2020, according to the Ministry of Finance.

CBDT issued the refunds electronically and directly deposited the refunds into the bank accounts of the taxpayers, the ministry had apprised. The department had further urged the filers to provide an immediate response to emails of the department so that refunds in their cases too could be processed and issued right away. Meanwhile, the due date for all income-tax return for the financial year 2019-20 is extended from 31 July and 31 October to 30 November 2020, keeping in mind the disruptions caused by the coronavirus pandemic.  

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