New Delhi, Oct 30 (PTI) Income Tax refunds worth Rs 1.27 lakh crore has been issued to individuals and businesses so far this fiscal, Finance Secretary Ajay Bhushan Pandey said on Friday.

He said the quick refund payment system is fully automated and transparent and the revenue department is monitoring the refund system every week.

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"In this financial year, income tax refund of about Rs 1,27,000 crore has been sent to bank accounts of individuals and businesses. This has been done to ensure that businesses get liquidity in this difficult time," Pandey said.

Between April 1 and October 27, the I-T department has issued refunds worth Rs 1,26,909 crore to more than 39.14 lakh taxpayers.

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Out of which Rs 34,532 crore were issued as refunds to Individual taxpayers in about 37.22 lakh cases, while Rs 92,376 crore were issued as refunds to 1,92,409 in corporate tax cases, Pandey said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)