76 taxpayers per minute: Rs 62K crore I-T refunds issued to over 2 million from April 8 to June 30 – business news

The Income Tax (I-T) department has issued tax refunds worth over Rs 62,361 crore at a speed of 76 cases per minute between April 8 and June 30 this year to over 2 million taxpayers, the finance ministry said on Friday.

I-T refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period, it said.

The ministry further said that refunds of this magnitude and numbers have been issued completely electronically and directly deposited into the bank accounts of the taxpayers.

The Central Board of Direct taxes (CBDT) implemented the April 8 decision of the government to issue pending income-tax refunds in order to help taxpayers in a Covid-19 pandemic situation in letter and spirit, a spokesperson of the board said. It issued refunds to over 20.44 lakh persons and entities amounting to more than Rs 62,361 crore.

On April 8, the government had decided to issue all the pending income-tax refunds up to Rs 5 lakh, immediately in order to provide relief to the businesses and individuals.

“It is stated that taxpayers are experiencing this facet of the I-T Department which is not only taxpayer-friendly, but also that of a facilitator providing liquidity in this hard time of Covid-19 pandemic,” CBDT said in a statement.

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

“Unlike what used to happen some years ago, in these refund cases, no taxpayer had to approach the Department to request for release of refund. They got refunds directly into their bank accounts,” it added.

CBDT asked other taxpayers to provide response to emails of the department so that refunds in their cases could also be processed and issued immediately, it said.

“Such emails of I-T Department seek taxpayers to confirm their outstanding demand, their bank account number and reconciliation of defect/mismatch prior to issue of refund. In all such cases, quick responses from the taxpayers would enable the I-T Department to process their refunds expeditiously,” it said.

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