On Friday, the tax department said that it has issued an income tax refund of Rs 26,242 crore to 16.84 lakh taxpayers since April. In order to provide immediate liquidity to people and firms amidst Coronavirus crisis, the department has issued this refund in a short time by expediting the refund process. The Central Board of Direct Taxes (CBDT) said that between April 1 and May 21, 16,84,298 taxpayers received income tax refund.
CBDT issued a statement saying, ‘Income tax refund of Rs 14,632 crore has been received to 15,81,906 taxpayers and 1,02,392 assesses have received corporate tax refund of Rs 11,610 crore. The process of refund has been accelerated after the announcements made by Finance Minister Nirmala Sitharaman under the Self-Reliant India Package last week.
In his statement, the Finance Minister said, ‘We are not delaying the refund. We are not sitting on it. We will give it to you immediately, because liquidity is still needed.’ CBDT said that it had released a total amount of Rs 2,050.61 crore to 37,531 assessees in the last week completed on 16 May. An amount of Rs 867.62 crore has been released to 2,878 corporate tax assessees.