I-T refunds rise 69% at Rs1.14 trn in April-August | The Financial Express

I-T refunds rise 69% at Rs1.14 trn in April-August

“Income tax refunds of Rs61,252 crore have been issued in 1,96,00,998 cases & corporate tax refunds of Rs53,158 crore have been issued in 1,46,871 cases (in April-August 2022),” the income tax department tweeted.

I-T refunds rise 69% at Rs1.14 trn in April-August
In April-August 2021, the department had issued refunds of over Rs 67,401 crore.

Refunds by the income tax department rose 69% on-year to over Rs 1.14 trillion in April-August of the current financial year.

“Income tax refunds of Rs61,252 crore have been issued in 1,96,00,998 cases & corporate tax refunds of Rs53,158 crore have been issued in 1,46,871 cases (in April-August 2022),” the income tax department tweeted.

Also Read: Exports remain flat at USD 33 billion in August; trade deficit widens to 28.68 billion

In April-August 2021, the department had issued refunds of over Rs 67,401 crore.

Despite higher refunds, the net direct tax collections have grown by over 30% on-year in the first five months of the current financial year as against a flat growth required to achieve the annual target for FY23.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.