CBDT issues refunds of over Rs 2.62 lakh crore in FY21 to over 2.38 cr taxpayers

In an effort to provide immediate relief to the taxpayer amid the COVID-19 pandemic, the Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs 2.62 lakh crore to more than 2.38 crore taxpayers during the Financial Year 2020-21.

As per a statement, the Government issued income tax refunds in a majority of the pending cases with alacrity and has marked an increase of almost 43.2 per cent.

"The Government has come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic. To provide immediate relief to the taxpayers, both individuals and business entities, the Government has issued income tax refunds in majority of the pending cases with alacrity," a statement from the Ministry of Finance said.

"The 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, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2 per cent," it added.

Income tax refunds of approximately Rs 87,749 crore have been issued in 2,34,27,418 cases, while corporate tax refunds of approximately Rs 1,74,576 crore have been issued in about 3,46,164 cases during the said period.

( With inputs from ANI )