Income Tax refunds worth Rs 1.27 lakh crore has been issued to individuals and businesses so far this fiscal, Finance Secretary Ajay Bhushan Pandey said.
He said the quick refund payment system is fully automated and transparent and the revenue department is monitoring the refund system every week.
“In this financial year, 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 businesses get liquidity in this difficult time,” Pandey said.
Between April 1 and October 27, the I-T department has issued refunds worth Rs 1,26,909 crore to more than 39.14 lakh taxpayers.
According to report, Income tax refunds of Rs 34,532 crore have been issued in 37,21,584 cases. Corporate tax refunds of Rs. 92,376 crore have been issued in 1,92,409 cases (till 27th Oct,2020), the Office of Minister of State for Finance Anurag Thakur tweeted.
The company deducts the estimated portion of the tax from its salary and pays it to the government account in advance, while paying salaries to its employees throughout the year. Employees file income tax returns at the end of the year, in which they state how much they owe as taxes. If the actual liability is less than the amount of tax deducted earlier, the remaining amount is refunded to the employee.
