Income Tax Department tweeted to inform on Wednesday that the Central Board of Direct Taxes (CBDT) has processed refunds worth over Rs 1.23 lakh crore to more than 1.11 crore taxpayers between April 1 to November 22, this year. Additionally, income tax refunds of Rs 41,649 crore have been processed in approx 1.08 crore cases. Corporate tax refunds of Rs 82,018 crore have been 1.81 lakh cases.
As per the CBDT, the number is inclusive of 75.75 lakh refunds processed during the assessment year 2021-22 totalling Rs 15,998.31 crore.
The Central Board of Direct Taxes (CBDT) frames policy for the Income Tax Department.
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.
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.