Economy

IT refunds worth ₹71,229 crore issued in last 3 months

Our Bureau New Delhi | Updated on July 17, 2020

The Income Tax Department on Friday said that it issued refunds amounting over ₹71,000 crore during last three months.

“The Central Board of Direct Taxes (CBDT) has issued refunds worth ₹71,229 crore in more than 21.24 lakh cases by July 11 to help taxpayers with liquidity in Covid-19 pandemic days since the government’s decision of April 8 to issue pending income tax refunds at the earliest,” Finance Ministry said in a statement. CBDT is apex policy making for Income Tax and Corporate Tax.

CBDT said that all the refund related cleaning up of the tax demands are being taken up on priority and would be completed optimistically by August 31. Also, all applications for rectifications and for giving effect to appeal orders are to be uploaded on the ITBA (Income Tax Business Application). It has decided to do all the work of rectification and appeal effect on the ITBA only.

CBDT reiterated that taxpayers, for quick processing of their refunds, should provide immediate response to the emails of I-T department. A quick response from the taxpayer in this regard would facilitate the I-T Department to process their refunds expeditiously. All refunds have been issued online and directly into the bank accounts of the taxpayers.

Published on July 17, 2020

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