CBDT releases Refunds amounting to Rs. 26,242 cr since 1st April, 2020

CBDT - Refunds -Taxscan

The Central Board of Direct Taxes ( CBDT ) has released has issued tax refunds worth Rs. 26,242 crores to 16,84,298 assessees from 1st April 2020 to 21st May 2020.

The Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have been issued to 1,02,392 assessees during this period.

It is stated that the refund process has been further expedited and refunds are being issued at a greater pace since the Union Finance Minister Smt. Nirmala Sitharaman’s announcement made in the Aatma Nirbhar Bharat Abhiyan last week.

The CBDT has released a sum of Rs. 2050.61 crore in the previous week ended on 16th May, i.e., between 9th to 16th May 2020 to 37,531 income tax assessees and a sum of Rs. 867.62 crore to 2878 corporate tax assessees

During this week,  i.e. between 17th to 21st May 2020, yet another 1,22,764 income tax assessees were refunded Rs. 2672.97 crore and 33,774 corporate tax assessees including trusts, MSMEs, proprietorships, partnerships, etc. were issued refunds worth Rs. 6714.34 crore, taking the total amount refunded to Rs. 9387.31 crore in the case of 1,56,538 assessees.