scorecardresearch
CBDT issues refunds of over Rs. 1 lakh cr to more than 2.26 crore taxpayers

CBDT issues refunds of over Rs. 1 lakh cr to more than 2.26 crore taxpayers

Income tax refunds of Rs. 70,977 crores have been issued in 2,23,99,122 cases, the IT department mentioned.

CBDT issues refunds of over Rs. 1 lakh cr to more than 2.26 crore taxpayers CBDT issues refunds of over Rs. 1 lakh cr to more than 2.26 crore taxpayers

The Central Board of Direct Taxes (CBDT) today announced that it has issued funds worth Rs 1,93,720 crore to more than 2.26 crore taxpayers from April 1, 2021 to March 20, 2022.  According to the IT department refunds of Rs. 70,977 crores have been issued in 2,23,99,122 cases. The corporate tax refunds of Rs. 1,22,744 crores have been issued in 2,34,293 cases.

The collection includes 1.85 crore refunds of Assessment Year (AY) 2021-22 amounting to Rs. 38,447.27 crore.

Recently CBDT had announced Net Direct Tax collections for FY 2021- 22 as on March 16, 2022 at Rs. 13.63 lakh crore. The department mentioned that the collections grew at over 48 per cent over collections of corresponding periods in preceding year.

Cumulative Advance Tax collections as on March 16, 2022 at Rs. 6.63 lakh crore grew at 40.75 per cent over the same period in the preceding year. Refunds aggregating to Rs 1,87,325.9 crore have been issued in the current fiscal, the announcement claimed.

CBDT Chairman J B Mohapatra credited the reforms undertaken by the government within the Income Tax department and the "strengthening" of the Indian economy as the major factors that led to the highest-ever direct tax collections in the country at over Rs 13.63 lakh crore, PTI had reported.

The report added him stating that despite COVID-19 spread, it "did so well and the corporates came out so well (in paying taxes)" during the current financial year 2021-22.
 

Also Read: India's aircraft demand to be around 2,210 over next 20 years

Also Read: NSE co-location case: CBI court dismisses Anand Subramanian’s bail plea