IT Department Transferred Over INR 88,000 Cr Tax Refund this FY

The refunds worth more than ₹ 80,000 crores have to be allotted to the 24.56 lakh taxpayers within the current financial year said the Income-tax department.

“CBDT has, so far, issued refunds of over ₹ 88,652 crores to more than 24.64 lakh taxpayers from 1st April 2020 onwards. Income tax refunds ₹ 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of ₹ 60,472 crore have been issued in 1,58,280 cases,”

Due to the spread of Covid-19 and the associated lockdown phasis had beforehand said that this was yielded on issuing all returns as soon as possible.

The completion of the income tax refunds Here, the taxpayers can check quick points for faster processing income tax refunds. Also, we added that how to track the status of tax refunds via the official portal. Read more is on the preference which has to be done by 31st August 2020. The quick response has been asked by the income tax officials to email the IT department for ordering quick processing of payments.

In scrutiny, only 0.5% of return has selected, refunds can be issued to the taxpayer for processing.

The credit is directly initiated in the bank account for refunds.