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Coronavirus pandemic: IT Dept refunds Rs 62,361 crore to over 20 lakh taxpayers during lockdown

The Income Tax department issued tax refunds at a speed of 76 cases per minute from April 8 to June 30th, 2020. The refunds were issued electronically and have been directly deposited into the bank accounts of taxpayers

twitter-logoBusinessToday.In | July 3, 2020 | Updated 14:35 IST
Coronavirus pandemic: IT Dept refunds Rs 62,361 crore to over 20 lakh taxpayers during lockdown
The income tax refunds were issued over the last three months in a bid to alleviate the stress of businesses and individuals alike

The Finance Ministry said in a release on Friday that the Income Tax Department (I-T) has refunded Rs 62,361 crore of pending reimbursements to over 20 lakh taxpayers amid the COVID-19 lockdown.

The tax refunds were issued over the last three months in a bid to alleviate the stress of businesses and individuals alike.

"Income tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs. 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period," the Finance Ministry said in its official release.

Also Read: CBDT claims 20% rise in processing income tax returns; sent all tax refunds electronically

The I-T department issued tax refunds at a speed of 76 cases per minute from April 8 to June 30th, 2020. The refunds were issued electronically and have been directly deposited into the bank accounts of taxpayers.

"Unlike what used to happen some years ago, in these refund cases, no taxpayer had to approach the Department to request for release of refund. They got refunds directly into their bank accounts," the ministry's statement added.

In April this year, the I-T department stated that the Centre will "release all pending income tax refunds up to Rs 5 lakh immediately."

CBDT further urged taxpayers to respond to emails from the I-T Department immediately so that refunds in their cases could be processed expeditiously and issued right away.

Also Read: Coronavirus: Govt to immediately release pending income tax refunds up to Rs 5 lakh

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