Income Tax Department tweeted on Thursday that the Central Board of Direct Taxes (CBDT) has issued refunds worth approx Rs 1.2 lakh crore to 1.02 crore taxpayers. The number is inclusive of 67.99 lakh refunds issued during the annual year 2021-22 totalling Rs 13,140.94 crore.
Despite Covid-19 hitting the Indian economy, the collection of direct taxes has been greater in 2021 compared to the previous year. Total direct tax collections were approx Rs 5.70 lakh crore in FY21-22 until September 22, as compared to Rs 4.48 lakh crore collected during the same period in FY20-21.
The Ministry of Finance had further mentioned that the collection of direct taxes in FY21 had seen an increase of 27 per cent when compared to figures from FY19-20.
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.
The revised date for filing the returns is December 31, 2021. Individuals, who have paid more tax than their actual liability, will now get their tax refund.
The request for a refund needs to be placed at the time of filing ITR. Once the income tax department has processed your ITR and confirmed it, the taxpayers then become eligible for a refund. Accordingly, they receive an intimation and the amount is credited to their accounts.
Taxpayers of late have complained of a delay in receiving their stipulated refunds. The delay could be either because the refund may not have been processed or it may not have reached you yet despite being processed. (Full Story)