The income tax refunds have been issued through automated system to bank accounts of individuals and businesses.
“This is a quick refunds payment system which is fully automated and completely transparent. The income tax department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale,” the finance secretary said.
He said that it is through this quick refunds process that the income tax department in last few months have been able to issue refunds online in a huge manner directly into the bank account of the taxpayers to facilitate liquidity during the trying times of Covid-19.
“We are monitoring the progress of the quick refunds system weekly and release refunds data in public domain. This helps us build trust between the taxpayers and the I-T department besides facilitating liquidity to the taxpayers,” he added.
During the ongoing financial year – from April 1 till October 27 – the income tax department has issued refunds of Rs 1,26,909 crore to more than 39.14 lakh taxpayers.
Out of this Rs 34,532 crore was issued as refunds to individual taxpayers in about 37.22 lakh cases. About Rs 92,376 crore were issued as refunds to 1,92,409 corporate tax cases.