Quick Summary
The Ministry of Finance announced a remarkable 46.31% surge in income tax refunds issued during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24. This significant improvement in refunds was attributed to technological advancements, process streamlining, and taxpayer-centric initiatives undertaken by the government. Record-Breaking Tax Filing Milestones At its peak, the Income Tax Return (ITR) portal efficiently handled over 900 filing
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Income tax refunds increased by 46.31% in FY 2024-25, reaching Rs 3.08 lakh crore between April 1 and November 27.
The total value of income tax refunds issued from April 1 to November 27 in FY 2024-25 is Rs 3.08 lakh crore.
The increase is attributed to technological advancements, process streamlining, taxpayer-centric initiatives, and the efficiency of the TIN 2.0 e-filing portal.
A special initiative was launched to address 35 lakh failed refund cases from various assessment years.
The ITR portal demonstrated enhanced capacity, handling over 900 filings per second at its peak and processing close to 70 lakh ITR filings in a single day.
The TIN 2.0 e-filing portal processed over 3 crore refunds with a very low error rate of just 0.002%, contributing significantly to the achievements in refund issuance.
CAclubindia
