The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5% higher than last year, 2016.
The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current financial year.
Finance Ministry in a release stated that, 92% of the refunds issued are below 50 thousand rupees, due to the high priority given to expeditious issue of refunds to small taxpayers.
It stated that, only 2% of refunds less than 50 thousand rupees remain to be issued. The Ministry said that 92% of all I-T returns were processed within 60 days. So, let’s discuss some questions related to this post:
Q1. How much Percent higher of issued funds in 2017 has been raised by income tax department from the last year, 2016, recently?
Share your answers in the comment section
Source- The Indian Express