“Income tax refunds of Rs 16,373 crore have been issued in 22,61,918 cases and corporate tax refunds of Rs 51,029 crore have been issued in 1,37,327 cases,” the Central Board of Direct Taxes said on Twitter.
Earlier on August 21, the tax department had said it had issued refunds of over Rs. 49,696 crore to more than 22.75 lakh taxpayers between April 1 and August 16. Income tax refunds of Rs. 14,608 crore have been issued in 21,50,668 cases & corporate tax refunds of Rs. 35,088 crore have been issued in 1,24,732 cases, the department had said.
The department had said that for fiscal year 2021-22, it has issued refunds of over Rs. 51,531 crore till August 23. Till date, 93% of the refund claims in income tax returns for assessment year 2020-2021 have already been processed. In the past week,refunds of over Rs. 15,269 crore have been issued which will be credited to taxpayers shortly, the tax department had said on Twitter on August 29.
“During the last year(FY 20-21), refunds of Rs 2.62 lakh crore (increase of over 42% over FY 19-20) were issued to over 2.37 crore taxpayers.