New Delhi: The tax department has stepped up the pace of issuing refunds to taxpayers.

It so far issued 16.2 million refunds amounting to Rs1.42 trillion, more than 41% higher than the previous year, the tax department said in a statement.

It has also processed 41.9 million income tax returns (ITRs), 92% of which were processed within 60 days, as the focus was on expeditious issue of refunds, it said.

Further, more than 90% of the refunds are small ticket refunds amounting to less than Rs50,000.

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“Only 2% of refunds less than Rs50,000 are remaining to be issued. Majority of these cases relate to recently filed ITRs or where the taxpayer’s response to the department is awaited," the tax department said.

More than 40 million income tax returns were filed electronically so far, an increase of 20% over the previous year.

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