Income Tax Department Issues Refunds Worth Rs 71,229 Crore During April-July

The Income Tax Department has issued refunds worth Rs 71,229 crore to 21.24 lakh taxpayers during April 8-July 11.

Of the total amount, Rs 24,603 crore was released as income tax refunds to 19.79 lakh taxpayers, while corporate tax refunds amounting to Rs 46,626 crore were given to 1.45 lakh taxpayers, the Central Board of Direct Taxes said in a statement on Friday. It didn’t share details on growth or decline in refunds issued.

The tax department said refunds are being cleared on priority, and pending claims would be “optimistically” completed by Aug. 31.

It has also urged taxpayers to provide immediate response to emails of Income Tax Department so that refunds can be processed expeditiously. Such emails seek to confirm taxpayers’ outstanding demand, bank account number, and reconciliation of mismatch prior to issue of refund.

Many taxpayers have submitted their responses electronically for rectification which are being addressed, the statement said.