I-T Refunds Surge 46% To Rs 3.04 Trn

New Delhi: The number of tax refunds has recorded a 46.31 per cent jump to Rs3.08 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 (I-T) 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 Rs2.03 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 ITRs for FY 2024-25 were cleared -- a significant improvement compared to the 22.56 per cent achieved during FY 2023-24.