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.
The Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds too in excess of 13 lakh taxpayers so far this fiscal year. It didn’t specify for which financial year the refunds relate. Nonetheless, it is accepted that the refunds are for tax returns petitioned for 2019-20.
In the previous fiscal year which finished on March 31, 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.