The Income Tax department has issued tax refunds worth Rs 26,242 crore to 16,84,298 tax assesses between April 1 and May 21, the Central Board of Direct Taxes (CBDT) said on Friday.
I-T refund to 15,81,906 assesses amounting to Rs 14,632 crore and corporate tax refund to 1,02,392 assesses amounting to Rs 11,610 crore have been given during this period, it said in a statement.
The statement by CBDT addd that the refund processes have been further expedited at a greater pace due to finance minister Nirmala Sitharaman’s announcement made in the Atamanirbhar Bharat Abhiyan last week.
Out of the total sum, the tax department had already released a sum of Rs 2,050.61 crore in the previous week ended on May 16 to 37,531 income tax assesses and a sum of Rs 867.62 crore to 2,878 corporate tax assesses, it said.
“While in this week ended on 21st May, i.e., between 17th and 21st May, yet another 1,22,764 income tax assesses were refunded Rs 2,672.97 crore and 33,774 corporate assesses including trusts, MSMEs, proprietorships, partnerships, etc. were issued refunds worth Rs. 6,714.34 crore, totalling the amount refunded as worth Rs 9,387.31 crore to 1,56,538 tax assesses,” it said.