19.1 C
Delhi
Saturday, November 27, 2021

IT Refund: Income tax department sends 1.1 million crore to 1.87 crore taxpayers, corporate tax refunds exceeded

The refund process is fully automated through CPC.

In the current financial year 2020-21, the Income Tax Department (IT Department) has issued a refund of Rs 1.1 lakh crore. These figures are for refunds issued between April 1 and February 8. The Income Tax Department has given this information by tweeting. According to the tweet, in the current financial year till February 8, over 1.87 lakh taxpayers refunds worth more than 1.91 lakh crore were issued.
According to the Income Tax Department’s tweet, corporate tax refund was higher while the amount of personal tax refund was almost half as compared to corporate tax refund.

Personal income tax refund over Rs 67 thousand crore

According to the tweet issued by the Income Tax Department, out of the refunds issued, Rs 67,334 crore are from personal tax refunds. According to the information, the Income Tax Department has issued personal tax refunds worth Rs 67334 crore for over 1.84 crore taxpayers and corporate tax refunds worth Rs 1.23 lakh crore in 2.14 lakh cases.

Also read- FASTag wallet eliminates the need to keep minimum balance, toll payment will be done this way

Refund process fully automated through CPC

After filing an Income Tax Return (ITR), if you have a refund, you get it through the Centralized Processing Center (CPC) of the Income Tax Department. Processing of refunds through CPC is fully automated. Many times refund tax is processed within a week of filing the return. Tax authorities have much information related to taxpayers such as withholding details of the employer, interest details given by the bank, etc.

Business Khabar
We aim to constantly bring to you all the latest and most updated industry news across all major categories. With a wide variety of topics and categories under our umbrella, we bring to you the latest news and activities in the top sought areas of public interest.
Latest news
- Advertisement -
Related news
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here