Income Tax department issues refunds within 2 months of FY22
On Thursday, the income tax department issued refunds of Rs 26,276 to approximately 15.47 lakh people in two months of this fiscal year. Personal income tax refunds amount to Rs 7538 crore disbursed in over 15.02 lakh cases. Furthermore, corporate tax of 18,738 crores has been refunded to 44 531 taxpayers. GST refunds might not have been included.
In a tweet, the IT department reiterated, “ CBDT issues refunds of over Rs 26, 276 crores to more than 15.47 lakh taxpayers between 1st April 2021 to 31st May 2021.”
However, it wasn’t clearly mentioned for which financial year the refunds adhered to, and it is assumed that the refunds were for tax returns filed for the fiscal year 2019-2020.
The previous fiscal year had ended on March 31, 2021, and 2.62 lakh crore worth of funds were issued to 2.38 crore taxpayers by the income tax department.
Refunds issued in 2020-2021 exceeded the 1.83 lakh crore worth funds of 2019-20 by approximately 43.2 %.