New Delhi: The Income Tax Department has reported a remarkable 46.31% increase in tax refunds, totaling Rs 3.08 lakh crore between April 1 and November 27 of this year. This marks a significant improvement compared to Rs 2.03 lakh crore issued during the same period last year, highlighting the Ministry of Finance’s efforts to accelerate refund processing.
The Central Board of Direct Taxes (CBDT) has been instrumental in this achievement. According to the Finance Ministry’s year-end review, 26.35% of Income Tax Returns (ITRs) for FY 2024-25 were processed within just one week, up from 22.56% in the previous fiscal year.
This increase reflects not only the system’s enhanced capacity but also taxpayers’ proactive compliance with filing deadlines. The Income Tax Return portal reached a peak of over 900 filings per second, with nearly 70 lakh ITRs submitted in a single day. A record 1.62 crore ITRs were processed in one day for Assessment Year 2024-25, with the highest daily filings reaching 69.93 lakh on July 31, 2024. By November 22, a total of 8.50 crore ITRs had been filed, marking a 7.32% rise compared to the previous year.
To streamline tax demand management, the Demand Management Facilitation Centre was established, providing taxpayers with a centralized contact point for issues related to outstanding tax demands. Additionally, a special initiative was launched to address 35 lakh pending refund cases from various assessment years, ensuring refunds were processed for validated bank accounts. This initiative has not only expedited pending refunds but also improved the overall processing system.
The CBDT is committed to enhancing transparency through timely data release and supporting taxpayers with awareness campaigns.