In the current financial year 2020-21 (FY 2020-21), the Income Tax Department (IT Department) has issued a refund of Rs 1.91 lakh crore.
new Delhi. The Income Tax Department said on Wednesday that it has refunded Rs 1.91 lakh crore to 1.87 crore taxpayers so far in the current financial year 2020-21 (FY 2020-21). These figures are for refunds issued between 1 April 2020 and 8 February 2021. The department tweeted and gave information about it.
Out of this, personal tax refunds of Rs 67,334 crore have been issued to 1.84 crore taxpayers, while corporate tax refunds worth Rs 1.23 lakh crore have been issued in 2.14 lakh cases. According to a tweet issued by the Income Tax Department, corporate tax refunds were higher while the amount of personal tax refunds was almost half that of corporate tax refunds.
The Income Tax Department tweeted and wrote, “CBDT returned Rs 1,91,015 crore to 1.87 crore taxpayers during April 1, 2020 to February 8, 2021.”
CBDT issues refunds of over Rs. 1,91,015 crore to more than 1.87 crore taxpayers between 1st April,2020 to 08th February,2021. Income tax refunds of Rs. 67,334crore have been issued in 1,84,45,638cases & corporate tax refunds of Rs. 1,23,680crore have been issued in 2,14,935cases
— Income Tax India (@IncomeTaxIndia) February 10, 2021
There are no fixed deadlines for tax refund.
If you have a refund made after filing ITR, then you get it through the Central Tax Processing Center (CPC) of Income Tax Department, usually tax refund. Comes within a few days of filing, but if there is a mistake in your ITR assessment then the tax refund takes time.
There is no fixed deadline for issuing tax refunds. You can get it in a week and it may take more time. Apart from this, in many cases it takes months. It depends on your case how long your refund will come.