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.
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.