Income tax department refunds Rs 1.46 lakh crore-worth returns till November

The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April and November 2019 as opposed to 3.91 crore returns being processed in the same period a year back.

Published: 04th December 2019 10:48 AM  |   Last Updated: 04th December 2019 10:48 AM   |  A+A-

income tax, income tax department

Image for representational purpose only. (File photo)

By Express News Service

NEW DELHI:  The income-tax department has processed as many as 2.10 crore tax refund cases, returning over Rs 1.46 lakh crore during the first eight months of assessment year 2019-20, up by 20 per cent over the last year, tax officials said.

The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April and November 2019 as opposed to 3.91 crore returns being processed in the same period a year back, they said.

"It processed 2.10 crore tax refund cases for current assessment year 2019-20 as on November 28, 2019, compared to 1.75 crore refunds for the same period in FY 2018-19, an increase of 20 per cent. The total amount of refunds issued in FY 2019-20 till November 28 was Rs 1.46 lakh crore as compared to Rs 1.19 lakh crore in the same period of the previous year (an increase of 22.7 per cent)," the officials said.

Of the 2.10 crore refunds processed in FY 2019-20, around 68 per cent of refunds were issued within 30 days from the date of the everification of income-tax return as compared to 57 per cent for the same period in FY 2018-19.

The tax department officials also said that the pendency of refunds for verified income-tax returns has been reduced by 36 per cent from last year. Additionally, as many as 22.3 lakh refunds that failed during the past years have been proactively reissued in the current year, the tax officials added.

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