Banking & FinanceNewsTaxation

I-T Refunds Worth Rs 1.18 Lakh Cr Issued to 33.54 Lakh Taxpayers

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The Income Tax department issued refunds worth over Rs 1.18 lakh crore to over 33 lakh taxpayers in 6 months till September 29.

This includes personal income tax (PIT) refunds amounting to Rs 32,230 crore issued to 31.75 lakh taxpayers, and corporate tax refunds amounting to Rs 86,094 crore to over 1.78 lakh taxpayers during this period.

CBDT issues refunds of over Rs 1,18,324 crore to more than 33.54 lakh taxpayers between 1st April, 2020 to 29th September,2020. Income tax refunds of Rs 32,230 crore have been issued in 31,75,358 cases & corporate tax refunds of Rs 86,094 crore have been issued in 1,78,540 cases,” the Central Board of Direct Taxes (CBDT) tweeted.

The government has emphasised on providing tax-related services to the taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

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