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Record income tax filings see rise in tax refunds in FY19

A record 62.1 million Income tax returns (ITR) have been filed this fiscal till December 30, registering a growth of 43% over the same period last year. The government expects income tax returns to touch 70 million this year. The highest number of filings are of ITR-1 at 30 million. The department has also issued refunds worth Rs 1.31 lakh crore, up 17.02%, to 24 million taxpayers this fiscal so far, refuting concerns of delayed refunds to meet the government’s fiscal deficit target. Gross direct tax collections grew 14.11% to Rs 8.74 lakh crore up to December 31, 2018. 

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