Income Tax Issues Rs 24,792 Cr Refunds To More Than 15 Lakh Taxpayers

The Income Tax Department announced that it has given over Rs 24,792 crore in refunds to over 15 lakh taxpayers this fiscal year.

The Income-tax department tweeted, "CBDT issues refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021."

The refunds were not allocated to a specific fiscal year by the I-T department. The refunds, however, are thought to be for tax returns filed in the 2019-20 fiscal year.

The department granted Rs 2.62 lakh crore in refunds to more than 2.38 crore taxpayers in the previous fiscal year, which ended on March 31, 2021.

The refunds released in the fiscal year 2020-21 are 43.2 percent higher than the Rs 1.83 lakh crore issued in the previous fiscal year, which ended on March 31, 2020.

How to check income tax refund status?

An income tax refund is when a taxpayer receives money back for taxes collected that are higher than his or her real tax obligation. The income tax authorities calculate your income tax refund for the specific financial year after you file your income tax return.

Checking the income tax refund status on e-Filing site

Step 1: Visit https://www.incometaxindiaefiling.gov.in/home
Step 2: Log in to your account using User ID and Password
Step 3: Click on "View Returns/Forms."
Step 4: Select the option "Income Tax Return"
Step 5: Click on the Acknowledgement Number

This number will generate all of the information you need about your tax returns, including the status of your refund application.

• Assessment Year
• Status
• Reason (For Refund Failure if any)
• Mode of Payment is displayed

GoodReturns.in