The Central Board of Direct Taxes (CBDT) has so far issued refunds of over Rs 1.21 lakh crore to nearly 36 lakh taxpayers in the current financial year (2020-21).

It has issued income tax refunds of over Rs 33,000 crore in more than 34 lakh cases and corporate tax refund of more than Rs 88,000 crore in over 1.83 lakh cases.

"The CBDT issues refunds of over Rs 1,21,607 crore to more than 35.93 lakh taxpayers between April 1 and October 6. Income tax refunds of Rs 33,238 crore have been issued in 34,09,246 cases and corporate tax refunds of Rs 88,370 crore in 1,83,773 cases," the Income Tax Department said in a tweet on Wednesday.

The Finance Ministry had earlier said that in view of the issues arising out of the coronavirus pandemic, emphasis was on release of all refunds in the earliest possible time..