The Income Tax Department on 12th May,2021 said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year.
Of this, personal income tax refunds worth Rs 5,575 crore were issued in over 12.71 lakh cases and corporate tax refunds of Rs 11,486 crore were issued to 29,592 taxpayers between 1st of April to 10th of May 2021.
The same was conformed by Income Tax Department by its tweet post.
Since, Financial year 2020-21 has been a year full of challenges for India due to the COVID-19 pandemic. The Government has, from time to time, come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic.
It did not specify for which financial year the refunds pertain to. However, it is believed that the refunds are for tax returns filed for 2019-20.
Further, the ministry said that to provide immediate relief to the taxpayers, both individuals and business entities, the Government has issued income tax refunds in the majority of the pending cases with alacrity.
“It has been the endeavour of the Government to come out with various measures to ease the economic fallout of the pandemic and in line with the same, CBDT has issued pending refunds expeditiously,” the ministry added.
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