IT refunds of over Rs 2.62 trillion issued in FY21, an increase of 43%

The total refunds issued in 2019-20 were worth Rs 1.83 trillion

The Income Tax Department has issued refunds worth over Rs 2.62 lakh crore to more than 2.38 crore taxpayers in 2020-21.

This include Rs 87,749 crore personal income tax refunds to 2.34 crore taxpayers and Rs 1.74 lakh crore worth corporate tax refunds in 3.46 lakh cases.

The refunds issued in 2020-21 marks an increase of almost 43.2 per cent, the I-T department said in a statement.

Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, the statement said.

The total refunds issued in 2019-20 were worth Rs 1.83 lakh crore.

It has been the endeavour of the government to come out with various measures to ease the economic fallout of the pandemic and in line with the same, CBDT has issued pending refunds expeditiously, the statement added.