I-T Dept refunds Rs 62,361 cr to more than 20 lakh taxpayers amid COVID-19 pandemic
New Delhi, Jul 3 (KNN) The Central Board of Direct Taxes (CBDT) on Friday announced that the income tax department has issued refunds of Rs 62,361 crore to more than 20 lakh taxpayers during the last 3 months.
''The Income Tax Department has issued tax refunds at a speed of 76 cases per minute from April 8 to June 30th. During this period of just 56 weekdays, CBDT has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crores,'' an official statement from CBDT said.
''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,'' it further said.
The Direct tax body also said that refunds of this magnitude and numbers have been issued completely electronically and have been directly deposited into the bank accounts of the taxpayers.
''No taxpayer had to approach the department to request for release of refund. They got refunds directly into their bank accounts,'' it added.