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Income Tax Refund: CBDT issued tax refund of Rs 70 thousand crore

Income Tax Refund: CBDT issued tax refund of Rs 70 thousand crore

Income Tax Refund: The Central Board of Direct Taxes (CBDT) wrote in a tweet that so far in the current financial year, refunds of more than Rs 70,120 crore have been issued to more than 26 lakh taxpayers. In a tweet on Sunday, the Income Tax Department said, out of the total refunds, income tax refunds amounted to Rs 16,753 crore and corporate tax refunds amounted to Rs 53,367 crore.Also Read – ITR Filing Alert: After this date, there will be a penalty of Rs 5000 for filing income tax return, fill the return immediately

The CBDT has issued refunds of more than Rs 70,120 crore to over 26.09 lakh taxpayers between April 1, 2021 and September 6, 2021, the tweet said. Income tax refund of Rs 16,753 crore has been issued in 24,70,612 cases and corporate tax refund of Rs 53,367 crore has been issued. Has been issued in 1,38,801 cases. Also Read – Income Tax Refund Claims Update: If you want fast income tax refund then do this work now, Income Tax Department asked for ‘online’ answer

The IT department has tried to streamline its tax processing system which is supporting quick assessment and generation of refunds on time. In the wake of the pandemic, the department is making extra efforts to streamline the processes so that refunds are generated expeditiously and help in ensuring the liquidity position of the taxpayers. Also Read – Vivad Se Vishwas Yojana: CBDT Extends Payment Deadline Under ‘Vivad Se Vishwas’ Scheme

Further, due to difficulties reported by taxpayers and other stakeholders in filing Income Tax Returns and various audit reports for the assessment year 2021-22 under the Income Tax Act, 1961, CBDT has recently extended the deadline for several compliances. including income tax return filing for the assessment year 2021-22.

The DU date for submission of return of income for the assessment year 2021-22 has been extended from 30 September to 31 December.

It has also decided that the DU date for submission of audit report under any provision of the Act for the previous year 2020-21 has been extended to January 15, 2022.

(With IANS Inputs)

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