Income Tax department issues Rs 24,792 cr refunds so far this fiscal

The Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal.

Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have been issued to 43,661 taxpayers.

CBDT issues refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021," the Income-tax department tweeted.

The I-T department did not specify the financial year for the refunds. However, it is believed that the refunds are for tax returns filed for the 2019-20 fiscal.

In the previous fiscal, which ended on March 31, 2021, the department had issued Rs 2.62 lakh crore worth refunds to more than 2.38 crore taxpayers.

The refunds issued in the 2020-21 fiscal is 43.2 per cent higher than Rs 1.83 lakh crore issued in 2019-20, which ended March 31, 2020.