I-T dept issues refunds worth Rs 71,229 cr to 2.1 million taxpayers

The Income Tax Department has issued refunds worth Rs 71,229 crore to over 2.1 million taxpayers during April 8 to July 11.

This includes personal income tax (PIT) refunds of Rs 24,603 crore issued to 1.97 million individuals and corporate tax refunds amounting to Rs 46,626 crore to over 145,000 taxpayers during this period.

"It is further emphasised that all the refund related cleaning up of the tax demands is being taken up on priority and is likely to be completed by August 31, 2020," an official statement said.

It said that the government has laid great emphasis on providing tax related services to the taxpayers without any hassles and is aware that during these difficult times of Covid-19 pandemic, many of the taxpayers are waiting to see that their tax demands and refunds reach finality as quickly as possible, the statement added.

The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds.

"A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously. Many taxpayers have submitted their responses electronically for rectification, appeal effects or tax credits. These are being attended to in a time-bound manner. All refunds have been issued online and directly into the bank accounts of the taxpayers," the statement added.