The Income Tax Department has issued more than 1.29 lakh crore refunds to 39 lakh taxpayers so far this financial year. This includes a personal income tax refund (PIT) of Rs 34,820 crore and corporate tax of Rs 94,370 crore which came during this period. The Income Tax Department said in a tweet that between 1 April 2020 and 3 November 2020, CBDT has issued refunds of more than Rs 1,29,190 crore to 39.49 lakh taxpayers.
According to the Income Tax Department, a corporate tax refund of Rs 34,820 crore has been issued in 37,55,428 cases and Rs 94,370 crore in 1,93,059 cases.
Let us know that when it is submitted after filing income tax return and its verification, then the Income Tax Department starts investigating it. If your claim is accepted, then the refund is returned to you directly through your bank account or check with the amount of interest. However, processing of ITR takes some time.
