: In Covid times, I-T refunds Rs 1.22 cr to 36 lakh taxpayers #FinanceIndia #StockMarketNEWS #Business New Delhi: In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic,

@StockMarketNEWS Mon 12 Oct, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

In Covid times, I-T refunds Rs 1.22 cr to 36 lakh taxpayers #FinanceIndia #StockMarketNEWS #Business
New Delhi: In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic, the Income Tax Department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to more than Rs 1,21,607 crore up to October 6 in FY21.

The Income Tax Department has worked at breakneck speed to process the refund claims. It issued tax refunds at a speed of 76 cases per minute between April and June and continued the momentum well into October.

In a tweet the Income Tax Department said that between April 1 and October 6, tax refunds of Rs 33,238 crore have been issued in 34,09,246 cases and corporate tax refunds of Rs 88,370 crore have been issued in 1,83,773 cases.

Refunds of this magnitude and numbers have been issued completely electronically and have been directly deposited into the bank accounts of the taxpayers.

Unlike what used to happen some years ago, in these refund cases no taxpayer had to approach an officer of the department to request for release of refund. They have got refund directly into their bank accounts.
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