Refunds amounting to ₹ 26,242 crore issued since 1st April, 2020

Central Board of Direct Taxes (CBDT) has issued tax refunds worth ₹ 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020.

Income Tax refunds amounting to ₹ 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to ₹ 11,610 crore have been issued to 1,02,392 assessees during this period.

It is stated that the refund process has been further expedited and refunds are being issued at a greater pace since the Union Finance Minister Smt. Nirmala Sitharaman’s announcement made in the Aatma Nirbhar Bharat Abhiyan last week. CBDT has released a sum of ₹ 2050.61 crore in the previous week ended on 16th May, i.e., between 9th to 16th May, 2020 to 37,531 income tax assessees and a sum of ₹ 867.62 crore to 2878 corporate tax assessees. During this week,  i.e. between 17th to 21st May, 2020, yet another 1,22,764 income tax assessees were refunded ₹ 2672.97 crore and 33,774 corporate tax assessees including trusts, MSMEs, proprietorships, partnerships, etc. were issued refunds worth ₹ 6714.34 crore, taking the total amount refunded to ₹ 9387.31 crore in the case of 1,56,538 assessees.