Policy

Automated system ensures quick I-T refunds, says Finance Secretary

Our Bureau New Delhi | Updated on October 30, 2020 Published on October 30, 2020

Ajay Bhushan Pandey, Finance Secretary Kamal Narang

About ₹1.27 lakh crore of Income Tax refund has been given through automated system, Finance Secretary Ajay Bhushan Pandey said here on Friday. The automated system means direct transfer into bank accounts.

“This is a quick refunds payment system which is fully automated and completely transparent. The income tax department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale,” Pandey said.

According to Finance Secretary, who is also Revenue Secretary, this has been done to ensure that business gets liquidity in this challenging time. Another important aspect is that the Income-tax Department has now a fully automated system of refunds payment directly going into the bank accounts of the taxpayers without any manual interface or intervention.

He said that it is through this quick refund process that the income tax department in last few months have been able to issue refunds online in a huge manner directly into the bank account of the taxpayers to facilitate liquidity during the trying times of Covid-19.

“We are monitoring the progress of the quick refunds system weekly and release refunds data in the public domain. This helps us build trust between the taxpayers and the I-T department besides facilitating liquidity to the taxpayers,” he said.

During the current fiscal year, from April 1 to October 27, the I-T department has been able to issue refunds amounting ₹34,532 crore to Individual taxpayers in about 37.22 lakh cases while ₹92,376 crore were issued as refunds to 1,92,409 in Corporate tax cases

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Published on October 30, 2020
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