Hyderabad (Telangana): In the last financial year, the Central Board of Direct Taxes (CBDT) has issued tax refunds of more than Rs 2.62 lakh crore to more than 2.38 crore taxpayers, the ministry of finance said on Thursday.
The amount of tax refunds is 43.2% higher than the refunds issued during the FY 2019-20 when the income tax department issued a total tax refunds of over 1.83 lakh crore.
The finance ministry said the last financial year has been very challenging due to the outbreak of the Covid-19 global pandemic and in order to provide immediate relief to taxpayers, the tax refunds were issued in a majority of the cases.
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According to the latest official data, the bulk of refunds have been issued to the corporate taxpayers.
Over 3.46 lakh corporate taxpayers received tax refunds of more than Rs 1.74 lakh crore which is more than two-thirds of the total tax refund amount.
Whereas more than 2.34 crore individual taxpayers, including Hindu Undivided Family (HUF), partnerships and proprietorships received tax refunds of Rs 87,749 crore, which is less than one-third of the total refund amount of Rs 2.62 lakh crore issued last year.
“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,” the finance ministry said.
READ: CBDT issues refunds of over Rs 1.7 crore to taxpayers
