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Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25.
Between April 1 and November 27 this year refunds amounting to Rs 3.08 lakh crore were issued, marking a 46.31 per cent increase compared to the same period in 2023.
It also stated that at its peak this year the Income Tax Return portal handled more than 900 filings in a second and nearly 70 lakh ITRs (Income Tax Returns) in a day. This year more than 1.62 crore ITRs were processed in a single day for A.Y. 2024-25.
As the year 2024 comes to an end, the ministry shared the prominent initiatives or announcements it had undertaken this year.
It said "Highest filing of ITRs in one day 69.93 lakh ITRs filed on 31st July 2024. 8.50 cr ITR filed till 22.11.24 which is 7.32 per cent higher than ITRs filed for the corresponding period of the preceding year"
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