Additionally, income tax refunds of Rs 27,965 crore have been in approx 76.2 lakh cases. Corporate tax refunds of Rs 74, 987 crores have been issued in about 1.70 lakh cases.
The Income Tax department (IT Department) tweeted on Wednesday that the Central Board of Direct Taxes (CBDT) has processed refunds worth over Rs 1.02 lakh crore to more than 77.92 lakh taxpayers between April 1 to October 25, this year. Additionally, income tax refunds of Rs 27,965 crore have been processed in approx 76.2 lakh cases. Corporate tax refunds of Rs 74, 987 crores have been issued in about 1.70 lakh cases.
As per the CBDT, this is inclusive of 46.09 lakh refunds processed during the assessment year 2021-22 totalling Rs. 6657.40 crore.
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.