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Monday, May 16 2022
Economy

Tax refunds worth Rs 70K cr issued by CBDT so far in FY22

Tax refunds worth Rs 70K cr issued by CBDT

New Delhi: The Central Board of Direct Taxes (CBDT) has issued tax refunds of over Rs 70,120 crore. More than 26 lakh taxpayers so far in the current financial year.

In a tweet on Sunday, the IT Dept said that out of the total refunds income tax refunds consisted of Rs 16,753 crore. Corporate tax refunds were worth Rs 53,367 crore.

“CBDT issues refunds of over Rs 70,120 crore to more than 26.09 lakh taxpayers between 1st April, 2021 to 6th September, 2021. Income tax refunds of Rs 16,753 crore have been issued in 24,70,612 cases & corporate tax refunds of Rs 53,367 crore have been issued in 1,38,801 cases,” it said.

The I-T Department has tried to smoothen its tax processing systems. It is supporting quick assessments and timely generation of refunds. In wake of the pandemic, the department is going the extra mile to complete the procedures. Refunds can be generated quickly and help in ensuring the liquidity position of taxpayers.

Difficulties were reported by the taxpayers and other stakeholders in the filing Income Tax Returns. CBDT recently extended deadlines for several compliances, including the filing of Income Tax returns for AY 2021-22.

The due date of furnishing of ITRs for the AY2021-22 has been extended to December 31, 2021, from September 30.

The due date of furnishing of report of audit has been extended to January 15, 2022 for 2020-21.

 

 

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