Income Tax Refunds Surge by 46.3% to ₹3.04 Lakh Crore from April to November
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New Delhi, Dec 12 (NationPress) The volume of tax refunds has experienced a remarkable increase of 46.31%, reaching ₹3.08 lakh crore between April 1 and November 27 this year when compared to the same timeframe in 2023, underscoring a notable improvement in the effectiveness of the Income Tax Department, based on data released by the Union Finance Ministry on Thursday.
During the equivalent period last year, from April 1, 2023, to November 30, 2023, a total of ₹2.03 lakh crore in refunds were disbursed, showcasing the Ministry's dedicated efforts to streamline the process this year. The Central Board of Direct Taxes (CBDT) was pivotal in reaching this achievement, as noted in the statement.
The Finance Ministry's year-end evaluation also highlighted that within merely a week of processing, an impressive 26.35% of Income Tax Returns (IITRs) for FY 2024-25 were resolved, marking a significant enhancement over the 22.56% rate from FY 2023-24.
This year-on-year increase not only reflects the system's capability but also demonstrates the proactive involvement of taxpayers in meeting filing deadlines.
At its peak this year, the Income Tax Return portal managed more than 900 filings per second and nearly 70 lakh ITRs in a single day, according to the figures.
Notably, this year saw a record of over 1.62 crore ITRs processed in just one day for Assessment Year 2024-25, as stated.
The highest volume of ITRs filed in one day occurred on July 31, 2024, with 69.93 lakh ITRs submitted. A total of 8.50 crore ITRs were filed by November 22, reflecting a 7.32% increase compared to the same period last year.
The establishment of the Demand Management Facilitation Centre was aimed at simplifying the management of tax demands, creating a single contact point for taxpayers concerning any issues with outstanding tax demands, which contributed to faster filings, the statement indicated.
“The Central Board of Direct Taxes aims for enhanced transparency through prompt data release and supports taxpayers with timely awareness initiatives,” the statement further noted.
A special program was launched to resolve 35 lakh failed refund cases from various assessment years, ensuring that refunds were processed for verified bank accounts. This initiative not only hastened the issuance of pending refunds but also optimized the overall procedure.
