Income Tax Department issues Rs 24,792 cr of refunds

The Income Tax Department on Wednesday, 19 May, said that it has issued over Rs 24,792 crore of refunds to more than 15 lakh taxpayers between 1 April 2021 and 17 May 2021.

Of this, personal income tax refunds worth Rs 7,458 crore were issued in 14.98 lakh cases and corporate tax refunds of Rs 17,334 crore were issued to 43,661 cases.

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"CBDT issues refunds of over Rs. 24,792 crore to more than 15 lakh taxpayers between 1 April 2021 to 17 May 2021,” the department tweeted.

CBDT issues refunds of over Rs. 24,792 crore to more than 15 lakh taxpayers between 1st April, 2021 to 17th May, 2021. Income tax refunds of Rs. 7,458 crore have been issued in 14,98,488 cases & corporate tax refunds of Rs. 17,334 crore have been issued in 43,661 cases.

— Income Tax India (@IncomeTaxIndia) May 19, 2021

In the previous fiscal year which ended on 31 March 2021, the department issued Rs 2.62 lakh crore worth refunds to more than 2.38 crore taxpayers.

The refund issued in 2020-21 is 43.2 per cent higher than Rs 1.83 lakh crore issued in the previous year.