Pending Income Tax Refunds of Rs 62,361 crore paid to a total of 20,44,597 Taxpayers from 8th April to 30th June
Not only to health and freedom of movement, but the COVID-19 pandemic has also made a much larger financial impact on the economy for individuals and business entities (including MSMEs) across the world. Between 8th April to 30th June 2020 which had a total of 56 weekdays (Monday to Friday), the Income Tax Department of India has made 76 tax refunds per minute.
In total, more than Rs 62,361 crore has been refunded to Individual Taxpayers and Business Entities during this time period. The complete Rs 62,361 crore of refunds were directly transferred into the bank accounts of the taxpayers.
19,07,853 Individual Taxpayers were paid a refund amounting to Rs 23,453.57 crore while 1,36,744 Business Entities were refunded a total of Rs 38,908.37 crore.
On 8th April 2020, the Department of Revenue (under Union Ministry of Finance) issued a press note under which for Individual Taxpayers-all pending income tax refunds of up to Rs 5 lakh were asked to be refunded, while for business entities-GST and Customs Refunds pending were also asked to be refunded to the Income Tax Department for providing immediate financial relief.