The Income Tax Department has processed as many as 2.10 crore tax refund cases, returning over Rs 1.46 lakh crore to taxpayers, in the first eight months of 2019-20, PTI quoted officials as saying.
The I-T department has processed up to 20 per cent more refunds over the last year as a Centralised Processing Centre (CPC) has expedited the process, they said.
The officials said the CPC 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. The total amount of refunds issued in FY 2019-20 till November 28, Rs 1.46 lakh crore, increased by 22.7 per cent over the Rs 1.19 lakh crore in the same period of the previous year.
Of the 2.10 crore refunds processed in 2019-20, 68 per cent were issued within 30 days from the date of the e-verification of income tax returns, as compared to 57 per cent for the same period in FY 2018-19.
All refunds issued by CPC have been directly credited to the taxpayers' bank accounts by ECS, eliminating paper cheque and ensuring faster, accurate and safer credit, officials said.
The number of verified refunds pending as on November 29 are 20.76 lakh and are being processed.
Not only were 20 per cent higher number of refunds processed for the current AY2019-20, but the pendency of refunds for verified income tax returns (ITR) also went down by 36 per cent from the 31.97 lakh last year at the same time to 20.76 lakh this year as on November 29, officials said.
The department has issued several reminders to taxpayers to e-verify their ITRs so that any ITR with refund claims can be taken up for processing.
(With PTI inputs)