IT Dept Refunds Rs 1,27,000 Crore To Provide Liquidity for Taxpayers
The Income Tax department has issued tax refunds of about Rs 1,27,000 crore through Automated Refund System.
The Income Tax department has issued refunds worth over Rs 1.27 lakh crore to over 39 lakh taxpayers this fiscal so far.
The Finance Secretary Dr Ajay Bhushan Pandey today said in this financial year the income tax refund of about Rs 1,27,000 crore has been sent to bank accounts of individuals and businesses. This has been done to ensure that business get liquidity in this difficult time.
The finance secretary gave further details that the department used a fully automated system to refund payments directly to the bank accounts of the taxpayers without any manual interface or intervention.
Finance Secretary Dr. Pandey said, “This is a quick refunds payment system which is fully automated and completely transparent. The income tax department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale.”
“This financial year from 1st April to 27th October the I-T department have been able to issue refunds worth Rs. 1,26,909 crore to more than 39.14 lakh taxpayers. Out of which Rs. 34,532 crore were issued as refunds to Individual taxpayers in about 37.22 lakh cases while Rs. 92376 crore were issued as refunds to 1,92,409 in Corporate tax cases”, added Dr. Pandey.