The Central Board of Direct Taxes (CBDT) has processed 99 per cent claims and issued Rs.70,000 crore worth Income tax refunds as on June 30th. The Income tax department had initially set aside days from June 1st to June 15th to clear all the pending income tax returns. The set period was later extended to 30th June due to the number of income tax returns that need to be processed.
The CBDT disposed of over 20,000 income tax returns and issued refunds to the eligible taxpayers. Substantial amounts of income tax refunds were issued as a result of processing income tax claims. Over 99 per cent of the income tax refund claims were cleared.
An overall assessment reveals that 45.07 lakh income tax refund cases have been issued within April-June, 2018 which amounts to 9 lakh more than the ones issued during April-June, 2017. With more than 3 lakh income tax refunds issued in the Assessment Year 2018-2019, a few of the income tax returns were filed only during the last few weeks, which too were processed by June 30th.