The Centralised Processing Centre (CPC) of the Income-Tax Department has till February 10 this fiscal issued refunds to the tune of ₹1.42 lakh crore, up 41.5 per cent over the corresponding period last year.
Over 4.19 crore income tax returns have been processed and 1.62 crore refunds have been issued up to February 10 this financial year, the Central Board of Direct Taxes (CBDT) said on Monday.
In a move to speed up refunds, 92 per cent of all Income Tax returns were processed within 60 days demonstrating CBDT’s commitment for faster and more efficient taxpayer service.
Of all the refunds issued, 92 per cent are below ₹50,000 due to the high priority given to small taxpayers. Only two per cent of refunds of value less than ₹50,000 are remaining to be issued.