Home India In COVID-19 times, Income Tax department refunds Rs 1.22 lakh crore to 36 lakh taxpayers

In COVID-19 times, Income Tax department refunds Rs 1.22 lakh crore to 36 lakh taxpayers

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In pursuance of the exercise to meet liquidity needs of taxpayers during the COVID-19 pandemic, the Income Tax (I-T) department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to over Rs 1,21,607 crore up to October 6 in FY21.


The I-T department has worked at a breakneck speed to process the refund claims. It issued tax refunds at a speed of 76 cases per minute between April and June and continued the momentum into October.

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In a tweet the department said that between April 1 and October 6, tax refunds of Rs 33,238 crore have been issued in 34,09,246 cases and corporate tax refunds of Rs 88,370 crore have been issued in 1,83,773 cases.

Refunds of this magnitude have been issued completely electronically and were directly deposited into the bank accounts of the taxpayers.


This article is auto-generated by Algorithm Source: www.mid-day.com

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