Income tax refunds of over ₹1.92 lakh crore issued so far in this financial year

income tax refund of Rs 70,373 crore has been released in 2,21,62,611 cases and corporate tax refund of more has been issued 1.2 lakh crore has been released in 2,32,997 cases, tweeted the tax department.

This includes 1.83 crore refunds for the assessment year 2021-22 37,961 crores.

When a taxpayer makes an amount in income tax in excess of the actual tax liability, he is eligible for a refund of the excess amount. The excess amount paid is refunded by the Income Tax (IT) Department after due assessment.

Taxpayers can avail refund by filing their income tax return. They need to submit document proof about their income and deduction details in the return. Filing of return is mandatory for claiming refund.

Once the return is filed, the IT department will verify the return and confirm whether a person is eligible for the refund or not. The tax department processes the refund only after the return is e-verified by the taxpayer. Generally, it takes 25-60 days for refund to be credited from the date of e-verification.

When a taxpayer claims a refund in his return of income, the tax department processes such refund and the taxpayer shall receive an intimation from the CPC under section 143(1) that the taxpayer shall be eligible to receive the refund. Will confirm the amount.