Income tax refunds worth Rs 36,000 crore have been issued in approx 97.1 lakh cases and corporate tax refunds worth Rs 79,917 crore have been issued in 1.77 lakh cases.
Income Tax Department tweeted to inform that the Central Board of Direct Taxes has issued refunds worth approx Rs 1.16 lakh crore to more than 98.90 lakh taxpayers from April 1 to November 8. Additionally, it informed that income tax refunds worth Rs 36,000 crore have been issued in approx 97.1 lakh cases and corporate tax refunds worth Rs 79,917 crore have been issued in 1.77 lakh cases.
The number is inclusive of 65.31 lakh refunds totalling Rs 12,616.79 crore issued in Annual Year 2021-22.
The request for a refund is placed at the time of filing ITR. Once the income tax department processes your ITR and confirms it, the taxpayers eligible for a refund receive an intimation and the amount is credited to their accounts. (Full Story)
In September, the CBDT had extended the deadline for taxpayers to file their IT returns for FY 2020-21 till December 31. This was citing difficulties faced by taxpayers owing to the COVID-19 pandemic.
The Central Board of Direct Taxes (CBDT) frames policy for the Income Tax Department.
Deadline for filing the income tax return for the annual year 2020-21 was extended by three months to December 31, 2021. The previous deadline was September 30. This was owing to technical glitches on the new income portal which prevented taxpayers from initiating the process.
This was the second instance when the deadline was extended. Previously, it was extended from July 31 to September 30 on account of hardships faced by taxpayers due to the more lethal second wave of the COVID-19 pandemic.