I-T dept issues refunds of Rs 1.42 cr this fiscal, 2017
The income tax department has issued refunds(धन वापसियां) of 1.42 lakh crore rupees so far this fiscal. It is 41.5% higher than last year, 2016. The centralised (केंद्रीकृत) processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore
refunds during the current financial year. Finance Ministry in a release stated that, 92% of the refunds issued are below 50 thousand rupees, due to the high priority(प्राथमिकता) given to expeditious(शीघ्र) issue of refunds to small taxpayers. It stated that, only 2% of refunds less than 50 thousand rupees remain to be issued. The Ministry said that 92% of all I-T returns were processed within 60 days. 
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