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CBDT releases New Income Tax Refund Data

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CBDT has refunded Rs. 88,652 crore so far: In a tweet dated 21.08.2020, the CBDT has stated that it has refunded over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs.60,472 crore have been issued in 1,58,280 cases.


This follows the Government’s decision of 8th April 2020 to issue pending income tax refunds at the earliest.


Earlier, vide a press release dated 03.07.2020, the Government informed that the Income Tax Department had refunded Rs. 62,361 crore to more than 20 lakh taxpayers amid COVID-19 pandemic from April 8, 2020 to June 30, 2020.


The press note refers to Government’s decision releases via a press note dated 8th April according to which all pending income tax refunds up to Rs 5 lakh to be issued immediately with a view to providing immediate relief to the business entities and individuals amid COVID-19 outbreak.


The press release does not mention the announcement by Finance Minister Smt. Nirmala Sitaraman on 13th May while announcing the First Tranche Special Economic Package and Measures for Relief amid COVID-19 to that the pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately.


CBDT has, so far, issued refunds of over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs.60,472 crore have been issued in 1,58,280 cases, the tweet says.



Earlier, In a press release dated 17.07.2020, the Ministry of Finance has stated that the Income Tax Department has refunded Rs. 71,229 crore to more than 21.24 lakh taxpayers amid COVID-19 pandemic up to July 11, 2020.


Read Also: Income tax refund failed due to PAN not linked to bank account -What is it and how to avoid


In February 2019, the Income Tax department had announced that effective 1st March 2019 all the income-tax refund will be made in e-mode only. That is income-tax refund will not be made in cheques and will be directly credited to the assessee’s bank account. For this purpose, linking bank accounts with the PAN of the assessee was made mandatory and failing which no refund will be made to the assessee.


Read Also:

Government Shares Interesting Data showing Faster Income Tax Refunds

Hence, paper refund - refund by cheques, by draft has been restricted by the income tax department. Only in exceptional circumstances, paper refund or refund by cheques will be issued and that too after due approval, as instructed by the CBDT in this regard.


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