CBDT issues refunds of more than ₹ 2.62 lakh crore upto 31.03.2021

The Financial Year 2020-21 has been a year full of challenges, both, globally as well as for India due to the COVID-19 pandemic. The Government has, from time to time, come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic. To provide immediate relief to the taxpayers, both individuals and business entities, the Government has issued income tax refunds in majority of the pending cases with alacrity.

Accordingly, the Central Board of Direct Taxes (CBDT) has issued refunds of more than ₹ 2.62 lakh crore to more than 2.38 crore taxpayers from 1^st April, 2020 to 31^st March, 2021, as against total refunds of ₹ 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%. Income tax refunds of approximately ₹ 87,749  crore have been issued in 2,34,27,418 cases whereas corporate tax refunds of approximately ₹ 1,74,576 crore have been issued in about 3,46,164 cases during the said period.

It has been the endeavour of the Government to come out with various measures to ease the economic fallout of the pandemic and in line with the same, CBDT has issued pending refunds expeditiously.