ITR Refund news: IT reimburses over 51,000 crore, but less than last year | India Business News
Between April and August 25, 2020, income tax refunds were paid to over 25.5 lakhs of taxpayers and totaled 95,853 crore rupees. The government did not provide comparative data, but officials in the past blamed the tax portal’s problems on slower payments.
In a series of tweets, the ministry said that, so far, 93% of refund requests made in returns for the 2020-21 tax year (FY 2019-20) have been processed. “During the past week, refunds of over 15,269 crore rupees have been issued and will soon be credited to taxpayers,” he said.
Last year the government focused on refunds, which rose 42% to 2.6 crore rupees and were paid out to nearly 2.4 crore of taxpayers. “It can be noted that this included the accelerated refunds in a series of measures providing relief to taxpayers during the pandemic,” the income tax department tweeted on Sunday evening.
Authorities communicate with taxpayers for responses in cases where refunds have not been paid due to bank account adjustments, defaults or mismatch so that payment can be expedited. âThe ministry is asking taxpayers to respond quickly online, so that ITRs (tax returns) in such YY 20-21 cases can be dealt with quickly. The ministry has also started processing RTI 1 and 4 for AY 2021-22 (FY2020-21) and refunds, if any, will be issued directly to the taxpayer’s bank account, âhe added.