In the first five months of this fiscal year, which began on April 1, the Income Tax Department of India reported that it had given refunds of more than Rs 1.14 lakh crore to more than 1.97 crore taxpayers.

The Income Tax Department stated that “corporate tax refunds of Rs. 53,158 crore have been granted in 1,46,871 instances and income tax refunds of Rs. 61,252 crore have been released in 1,96,00,998 cases.”