Quick Summary
The Financial Year 2020-21 has been a year full of challenges, both, globally as well as for India due to the COVID-19 pandemic. The Government has, from time to time, come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic. To provide immediate relief to the taxpayers, both individuals and business entities, the Government has issued income tax refunds in majority of the pending cases with alacrity. Accordingly, the Central B
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FAQ :
The CBDT issued refunds exceeding £2.62 lakh crore.
More than 2.38 crore taxpayers received refunds.
The refunds were issued from 1st April 2020 to 31st March 2021.
This marks an increase of almost 43.2% compared to the £1.83 lakh crore issued in the corresponding period of the previous fiscal year.
Approximately £87,749 crore in income tax refunds were issued to individuals, and about £1,74,576 crore in corporate tax refunds were issued to businesses.
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