The Central Board of Direct Taxes(CBDT) on Wednesday (October 27) issued refunds of over Rs 1,02,952 crore to more than 77.92 lakh Indian taxpayers, from April 1 of this year to October 25, stated the Income Tax department.
In total, Rs 27,965 crore in income tax refunds has been issued in 76,21,956 cases. In 1,70,424 cases, a corporate tax refund of Rs 74,987 has been provided. The Indian Income Tax Department
declared refunds in both income tax and corporate tax on Twitter.
From 2021-2022, the Assessment Year (AY) that follows the financial year observed 46.09 lakh returns totalling Rs 6657.40 crore. The Indian government's Income Tax Department announced
the refunds for the financial and assessment year on social media.
“CBDT issues refunds of over Rs 1,02,952 crore to more than 77.92 lakh taxpayers from April 1 to October 25. Income tax refunds of Rs 27,965 crore have been issued in 76,21,956 cases
and corporate tax refunds of Rs 74,987 crore have been issued in 1,70,424cases,” tweeted the Income Tax Department.
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Income tax refunds totalling Rs 18,873 were issued in 43.6 lakh cases during the financial year 2022. Over 1.55 lakh taxpayers have received corporate tax refunds worth Rs 55,285 crore.
According to the I-T department, the overall figure for Assessment Year 2021-22 was 17.45 lakh refunds worth Rs 1,350.4 crore.
As the second wave of Covid-19 wreaked havoc on the economy, the administration decided to extend the deadline for filing ITRs until September 31, 2021.
In addition, the CBDT has extended the deadline for filing Income Tax Returns (ITR) for the assessment year 2021-22 till December 31, owing to ongoing technical problems that taxpayers have encountered when using the Infosys-developed and-managed Income Tax e-portal.