Income Tax Refund in India has increased by 46.31 percent to Rs 3.08 lakh crore between April 1, 2024 and November 27, 2024 as compared to the same period last year. This information was given by the Finance Ministry on Thursday.
Last year, from April 1, 2023 to November 30, 2023, the Income Tax Department had issued a tax refund (ITR Refund) of Rs 2.03 lakh crore.
In a statement issued by the Finance Ministry, it was said that the acceleration in the refund process this year reflects the concrete efforts of the Ministry and the Central Board of Direct Taxes (CBDT) has played an important role in achieving this feat.
The Finance Ministry in its year-end review said that 26.35 per cent of IITRs for FY 2024-25 have been settled within just one week of processing, as against 22.56 per cent during FY 2023-24. This year-on-year jump not only reflects the capacity of the system but also the active participation of taxpayers in adhering to the deadlines.
According to data, at its peak this year, the Income Tax Return portal handled over 900 filings a second and around 70 lakh ITRs (Income Tax Returns) in a day.
Record 1.62 crore ITRs processed in a day
The statement further said that a record 1.62 crore ITRs have been processed in a day for the assessment year 2024-25. The highest number of 69.93 lakh ITRs were issued on 31 July 2024. As of November 22, about 8.50 crore ITRs have been submitted. This is 7.32 percent more than the ITRs submitted last year.
“The Central Board of Direct Taxes strives for greater transparency by timely release of data and assists taxpayers through timely awareness campaigns,” the statement said.
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