Income Tax Refunds Surge 46.3% to Rs 3.04 Lakh Crore in April-November

The number of tax refunds has registered a 46.31 per cent leap to Rs 3.08 lakh crore between April 1 and November 27 this year compared to the same period of 2023, 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 statement added that CBDT played a crucial role in achieving this milestone.

In the year-end review, the Finance Ministry also said that in just a week of processing, an impressive 26.35 per cent of IITRs for FY 2024-25 were cleared -- a significant improvement compared to 22.56 per cent achieved during FY 2023-24.

This year-on-year growth demonstrates not only the capability of the system but also the proactive involvement 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 in a day, the figures show.

As per the statement, more than 1.62 crore ITRs were processed in a single day for A.Y. 2024-25.

Highest filing of ITRs in one day: 69.93 lakh ITRs on July 31, 2024
8.50 crore ITRs filed till November 22. It is 7.32 per cent higher than ITRs filed for the corresponding period of the preceding year.

The Demand Management Facilitation Centre was inaugurated with the objective to simplify tax demand management to provide a single point contact for taxpayers in respect of all their grievances relating to outstanding tax demands which helped bring in filings, the statement said.

"The Central Board of Direct Taxes strives for greater transparency through timely release of data and assists taxpayers through timely awareness campaigns," the statement added

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.