Sunday 8 December 2019
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business-standard - 5 days ago

Tax dept issues 2.10 crore tax refunds till Nov; Rs 1.46-lakh crore refunded

The Income Tax Department processed as many as 2.10 crore tax refund cases, returning back over Rs 1.46 lakh crore in first eight months of 2019-20, up 20 per cent over the last year as a centralized processing centre has expedited the process, officials said. The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April 2019 and November 28 (almost eight months of current 2019-20 year) as opposed to 3.91 crore returns being processed in the same period a year back, they said. It processed 2.10 crore tax refund cases for current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore refunds for the same period in FY 2018-19, an increase of 20 per cent. The total amount of refunds issued in FY 2019-20 till November 28 was Rs 1.46 lakh crore as compared to Rs 1.19 lakh crore in the same period of the previous year (an increase of 22.7 per cent), they said. Of the 2.10-crore refunds processed in 2019-20, 68 per cent of refunds were issued within .


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