2.10 cr tax refunds of Rs 1.46 lakh cr till Nov 28: CBDT
Tuesday - December 3, 2019 10:40 pm , Category : BUSINESS
New Delhi, Dec 3 (IANS) The Central Board of Direct Taxes has processed 2.10 crore refund returns amounting to Rs 1,46,272.8 crore or Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28.This, compared to 1.75 crore (AY 2018-19) refund returns for the same period in 2018-19, shows an increase of 20 per cent. The total refund in the comparable period was Rs 1,19,164.7 lakh crore, and thus the refund amount now is an increase of 22.7 per cent, the CBDT said.The CBDT has stressed on the speedy refunds issue this year in an automated manner without any interface with the taxpayer. Its Central Processing Centre (CPC) has been at the forefront on this. According to CBDT sources, there has been a 20 per cent rise in processing of refund returns. CPC processed 2.10 crore refund returns amounting to Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore AY 2018-19 refund returns for the same period of 2018-19, or an increase of 20 per cent. CBDT figures said there has been also been a 20 per cent increase in total number of returns processed.CPC processed 4.70 returns during FY 2019-20 till November 28 while for the same period in FY 2018-19, 3.91 crore returns were processed. The CPC issued 43 lakh more refunds within 30 days in the FY 2019-20, compared to the previous year, which results in an increase of over 42 per cent. In FY 2019-20 of the 2.10 refund ITRs processed, 68 per cent of the refunds were issued within 30 days from the date of e-verification of ITSs compared to 57 per cent for the same period in FY19. As on November 29, the number of verified ITSs pending is 20.76 lakh and they are currently being processed.