Income Tax Refunds of Rs 1.62 Lakh Crore Issued So Far this Fiscal Year

New Delhi: The Central Board of Direct Taxes (CBDT) has issued Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24, 2022, of the current financial year, official data showed on Thursday. “CBDT issues refunds of over Rs 1,62,448 crore to more than 1.79 crore taxpayers from 1st April 2021 to 24th January 2022,” Income Tax Department said in a tweet. Income tax refunds of Rs 57,754 crore have been issued in 1,77,35,899 cases and corporate tax refunds of Rs 1,04,694 crore have been issued in 2,23,952 cases, it said.Also Read – Tax Concession, Fund Allocation: Here’s What Pharma Sector Expects From Budget 2022

CBDT issues refunds of over Rs. 1,62,448 crore to more than 1.79 crore taxpayers from 1st Apr,2021 to 24th Jan,2022. Income tax refunds of Rs. 57,754 crore have been issued in 1,77,35,899 cases &corporate tax refunds of Rs. 1,04,694 crore have been issued in 2,23,952 cases(1/2)

— Income Tax India (@IncomeTaxIndia) January 27, 2022

Also Read – Budget 2022 Expectations: Experts Want FM To Revise Income Tax Slabs, Provide Tax Free WFH Allowances

This includes 1.41 crore refunds of Assessment Year 2021-22 amounting to Rs 27,111.40 crore. Earlier this month, the Centre had extended the deadlines for several compliances, including the filing of Income Tax Return (ITR) for the assessment year 2021-22. The due date of furnishing of returns of income for the assessment year 2021-22 has now been extended to March 15, 2022. Also Read – Enhancement In Basic Income Tax Exemption Limit Of Rs 2.5 Lakh Highly Awaited

In a statement, the Ministry of Finance said the decision has been taken after considering difficulties reported by the taxpayers and other stakeholders due to the Covid situation and in electronic filing of various reports of audit under the provisions of the Income Tax Act, 1961.

Notably, the CBDT has decided to further extend the due dates of furnishing audit report under any provision of the Act for the previous year (2020-21) to February 15, 2022. The due date of furnishing report from an accountant by persons entering into international transactions or specified domestic transactions under Section 92E of the Act for the previous year (2020-21) is now February 15, 2022.

“The due date of furnishing of ‘Return of Income for the Assessment Year 2021-22’, which was October 31, 2021 under Sub-section (1) of Section 139 of the Act, as extended to November 30, 2021 and February 15, 2022, is further extended to March 15, 2022,” the ministry said.

“The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was November 30, 2021 under Sub-section (1) of Section 139 of the Act, as extended to December 31, 2021 and February 28, 2022, is further extended to March 15, 2022,” it added.