'IT has refunded Rs 1,27,000 crore through Automated Refund System'

NEW DELHI: The Income Tax Department has issued tax refunds of about Rs 1,27,000 crore that have been sent to the bank accounts of individuals and businesses so far in this financial year, Finance Secretary Ajay Bhushan Pandey said on Friday.

Giving details of tax refunds under the new automated system, Pandey said that the process has ensured that businesses seamlessly get liquidity in this difficult time of the Covid-19 pandemic.

With the Income tax Department having a fully automated system of refunds now, payments are directly going into the bank accounts of the taxpayers without any manual interface or intervention.

"This is a quick refunds payment system which is fully automated and completely transparent. The Income Tax Department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale," the Finance Secretary said. (IANS)

Also Read: Income Tax Department raids 42 locations across India, recovers Rs 2.3 cr cash

Also Watch: #CandidConversation With Mirchi Cooldeep, Morning Jock & Content Creator, Radio Mirchi, Guwahati