I-T dept issues refunds of Rs.1.42 cr this fiscal

The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current financial year. 

Finance Ministry in a release said, 92% of the refunds issued are below 50 thousand rupees, due



to the high priority given to expeditious issue of refunds to small taxpayers. It said, only 2 per cent of refunds less than 50 thousand rupees remain to be issued. The Ministry said that 92% of all I-T returns were processed within 60 days.Central Board of Direct Tax, CBDT has advised taxpayers to verify and update their e-mail address and mobile number on the e-filing portal to receive electronic communication.