Earnings Tax dept points refunds of Rs 26,242 crore since April

The tax division on Friday mentioned it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as a part of efforts to hasten refund course of for making liquidity accessible with individuals and companies to cope with COVID-19 disaster.

The Central Board of Direct Taxes (CBDT) mentioned 16,84,298 tax assesses have obtained refunds between April 1 and Could 21.

Earnings-tax refund of Rs 14,632 crore to 15,81,906 assesses and company tax refund amounting to Rs 11,610 crore to 1,02,392 assesses have been processed throughout this era, the CBDT mentioned in a press release.

The refund course of has been additional expedited at a better tempo since Finance Minister Nirmala Sitharaman‘s announcement made within the ‘Atamanirbhar Bharat Abhiyan’ final week.

“We’re not delaying (refund). We’re not sitting over it. I’m giving it to you now as a result of cash is required now and it ought to attain now. I did not point out even then…tax refund cash has not gone into our calculation in claiming what we’re giving as a stimulus,” she had mentioned.

The CBDT has launched a sum of Rs 2,050.61 crore within the earlier week ended on Could 16 to 37,531 revenue tax assesses and a sum of Rs 867.62 crore to 2,878 company tax assesses, it mentioned.

“Whereas on this week ended on Could 21, i.e., between Could 17-21 one other 1,22,764 revenue tax assesses had been refunded Rs 2,672.97 crore and 33,774 company assesses together with trusts, MSMEs, proprietorships, partnerships, and so on. had been issued refunds price Rs 6714.34 crore, totalling the quantity refunded as price Rs 9387.31 crore to 1,56,538 tax assesses,” it mentioned.

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