Income Tax dept issues refunds worth Rs 26,276 crore in 2 months of FY22

The income tax department on Thursday said it has issued Rs 26,276 crore refunds to more than 15.47 lakh taxpayers in two months of the current fiscal.

Of this, personal income tax refunds worth Rs 7,538 crore have been issued in over 15.02 lakh cases.

Corporate tax refunds of Rs 18,738 crore have been issued to 44,531 taxpayers.

"CBDT issues refunds of over Rs 26,276 crore to more than 15.47 lakh taxpayers between 1st April, 2021 to 31st May, 2021," the income tax department tweeted.

The I-T department did not specify for which financial year the refunds pertained to. However, it is believed that the refunds were for tax returns filed for the 2019-20 fiscal.

In the previous fiscal which ended on March 31, 2021, the department had issued Rs 2.62 lakh crore worth refunds to more than 2.38 crore taxpayers.

The refunds issued in 2020-21 were 43.2 per cent higher than the Rs 1.83 lakh crore issued in 2019-20.