Big Story | I-T Department fast-tracks tax refund process; Rs 98,625 crore paid to 26.2 lakh taxpayers

In order to meet the liquidity needs of taxpayers amid the COVID-19 pandemic, the Income Tax Department fast-tracked its tax refund process. The department has issued refunds worth Rs 98,625 crore to over 26.2 lakh taxpayers in five months of FY21. This includes personal income tax refunds amounting to Rs 29,997 crore issued to 24.50 lakh taxpayers and corporate tax refunds amounting to Rs 68,628 crore issued to over 1.68 lakh taxpayers during this period.

The I-T Department has worked at breakneck speed to process the refund claims. It issued tax refunds at the speed of 76 cases per minute between April and June and continued the momentum well into September. But will this momentum continue in the coming months as well?  Find out in this edition of Big Story.