New Delhi: The Finance Ministry on Thursday announced a significant improvement in the tax refunds for the current financial year (2024-25).
Refunds amounting to Rs 3.08 lakh crore were issued during April 1 to November 27 this year, marking an increase of 46.31 per cent compared to the same period in previous year.
In the same period last year between April 1, 2023 and November 30, 2023, refunds totalling Rs 2.03 lakh crore were issued.
The finance ministry also stated that at its peak the Income Tax Return (ITR) portal handled over 900 filings in a second and nearly 70 lakh ITRs in a day this year. Over 1.62 crore ITRs were processed in a single day this year for AY 2024-25.
It said “Highest filing of ITRs in one day 69.93 lakh ITRs filed on 31st July 2024. 8.50 cr ITR filed till 22.11.24 which is 7.32 per cent higher than ITRs filed for the corresponding period of the preceding year”
The ministry also shared the prominent initiatives it had undertaken this year.
A special initiative was undertaken to address 35 lakh failed refund cases from various assessment years, ensuring refunds were processed for validated bank accounts. This step not only expedited the issuance of pending refunds but also streamlined the overall
process.