Tax Refunds Worth Rs 26,242 Crore Cleared Since April 1

The Income Tax Department issued refunds worth Rs 26,242 crore to 16.84 lakh assesses since the start of the ongoing financial year.

Of the total amount released until May 21, Rs 14,632 crore is income tax refund to 15.82 lakh taxpayers and Rs 11,610 crore is corporate tax refund to 1.02 lakh assessees, according to a statement released by the Central Board of Direct Taxes.

“The refund process has been further expedited at a greater pace since the Finance Minister Nirmala Sitharaman’s announcement made in the Atamanirbhar Bharat Abhiyan last week,” the statement said.

Last week, Sitharaman had said all pending refunds to charitable trusts and non-corporate businesses, including proprietorship, partnerships, and limited liability partnerships shall be made immediately.

Between May 9 and May 16, Rs 2,051 crore has been released to 37,531 income tax assesses, and Rs 868 crore to 2,878 corporate tax assesses.

Between May 17 and May 21, 1.22 lakh income tax assesses were refunded Rs 2,673 crore, and 33,774 corporate assesses, including trusts, MSMEs, proprietorships, and partnerships, were issued refunds worth Rs 6,714 crore.