Rs 1.27 trn I-T refunds made to individuals, businesses: Finance secretary

The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without manual intervention

Finance secretary Ajay Bhushan Pandey on Friday said that income tax refunds of about Rs 1.27 trillion have been desposited into the bank accounts of individuals and businesses so far in the current financial year.

This has been done to ensure that businesses get liquidity in this difficult time.

The income tax department now has a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without any manual intervention.

“This is a quick refunds payment system which is fully automated and completely transparent. The income tax department has created a DBT (Direct Benefit Transfer)-like architecture to execute refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale,” Pandey said.