New Delhi, Dec 12
The number of tax refunds has recorded a 46.31 per cent jump to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, marking a significant increase in the efficiency of the Income Tax Department, according to figures released by the Union Finance Ministry on Thursday.
In the corresponding period last year between April 1, 2023, and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued, reflecting the Ministry's concerted efforts to expedite the process this year. The Central Board of Direct Taxes (CBDT) played a crucial role in achieving this milestone, the statement added.
In its year-end review, the Finance Ministry also said that within just a week of processing, an impressive 26.35 per cent of IITRs for FY 2024-25 were cleared -- a significant improvement compared to the 22.56 per cent achieved during FY 2023-24.
This year-on-year surge showcases not only the capacity of the system but also the proactive engagement of taxpayers in adhering to filing deadlines.
At its peak this year the Income Tax Return portal handled more than 900 filings in a second and nearly 70 lakh ITRs (Income Tax Returns) in a day, the figures show.