The Central Board of Direct Taxes (CBDT) on Friday said it has issued income tax refunds worth Rs 26,242 crore to 16.8 lakh assessees during the April 1-May 21 period.
The Central Board of Direct Taxes (CBDT) on Friday said it has issued income tax refunds worth Rs 26,242 crore to 16.8 lakh assessees during the April 1-May 21 periods. The finance ministry said refunds are being expedited to ease cash flow issues being faced by assessees during the lockdown.
The amount includes corporate tax refunds of Rs 11,610 crore to over one lakh taxpayers and Rs 14,632 crore to 15.8 lakh assessees from other categories, including salaried individuals. Refunds are for income tax returns filed in the assessment year (AY) 2019-20.
Of the total refund since April 1, the board said it has issued Rs 9,387 crore to 1.6 lakh taxpayers in the last week alone. An amount of Rs 6,714 crore has been given to corporate assessees including trusts, MSMEs, proprietorships and partnerships, among others.
The income tax department issues refunds after returns are processed at its central processing centre in Bangalore. In the last three years (FY17, FY18 and FY19), the department had cleared refunds worth Rs 1.63 lakh crore, Rs 1.52 lakh crore and Rs 1.61 lakh crore, respectively.
As of November 28 last year, the department had said, it had processed 20% more refunds compared to the year-ago period. “CPC processed 2.1 crore refund for returns in AY 2019-20, compared to 1.75 core in AY 2018-19 refund returns for the same period in FY2018-19, an increase of 20%. The total amount of refunds issued in FY2019-20 till November 28 was Rs 1.46 lakh crore, as compared to Rs 1.19 lakh crore in same period previous year,” the department had said.
Meanwhile, the indirect tax department has processed 12,923 refund applications involving claims worth Rs 5,575 crore since April 30