IT refunds worth Rs 98,265 cr issued to 2.62 mn taxpayers in 5 months

The Income Tax Department on Wednesday said it has issued refunds worth Rs 98,625 crore to over 2.62 million taxpayers in five months of current fiscal.

This include personal income tax (PIT) refunds amounting to Rs 29,997 crore issued to 2.45 million taxpayers and corporate tax refunds amounting to Rs 68,628 crore issued to over 168,000 taxpayers during this period.

"CBDT issues refunds of over Rs. 98,625 crore to more than 2.62 million taxpayers between 1st April, 2020 to 1st September, 2020. Income tax refunds of Rs. 29,997 crore have been issued in 24,50,041 cases & corporate tax refunds of Rs.68,628 crore have been issued in 1,68,421 cases," the I-T Department tweeted.

The government has emphasised on providing tax related services to taxpayers without any hassles during Covid-19 pandemic, and to that end has been clearing up pending tax refunds.