Over Rs 71,220-crore income, corporate tax refunds issued amid COVID-19 crisis

The Income Tax Department has issued refunds worth Rs 71,229 crore in over 21.24 lakh cases till July 11, the Finance Ministry said on Friday. The move was aimed at helping taxpayers tide over the COVID-19 crisis. The government had in April announced its decision to issue pending income tax refunds at the earliest.

The Central Board of Direct Taxes (CBDT) – the top policymaking body of the Income Tax Department – issued income tax refunds of Rs 24,603 crore in 19.79 lakh cases to individual taxpayers. And corporate tax refunds of Rs 46,626 crore in 1.45 lakh cases to companies during this period, according to the official statement. 

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Update by Ayesha Rahman

News source: NDTV