Income Tax Department issues refunds worth Thousand Crores till 5th July

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As we all know, the income tax department issues refunds to taxpayers. These refunds are released after taxpayers do ITR Filing. This year too, the Income-tax department issues refunds. In this article, we will read about the Income Tax Department issues refund plus how you can check your Income tax refund status online.

Income Tax department issues refunds worth a Thousand Crores

The income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. As a consequence, the personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore.

I-T Department Tweet on Income Tax Department refunds

“CBDT issues refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between 1st April 2021 to 05th July 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases,” the I-T department tweeted.

How to check your Income Tax refund status online?

The Indian Tax department provides an online tool for tracking your refund and its status. Taxpayers can check the status of their refund 10 days after they receive it. You have to verify your PAN number, put it in the Assessment Year to check the income tax refund status.

However, it is mandatory to do ITR Filing online to be eligible for income tax refunds. Taxpayers have to file ITRs depending upon the income sources and before the deadline.

Essentials point to keep in mind before filing ITR this year

Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.

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