The Central Board of Direct Taxes (CBDT) has so far issued refunds worth over Rs 70,120 crore to over 26 lakh taxpayers in the current financial year.
In a tweet on Sunday, the Income Tax Department said that out of the total refunds, income tax refunds amounted to Rs 16,753 crore and corporate tax refunds amounted to Rs 53,367 crore.
“CBDT has issued refunds of over Rs 70,120 crore to over 26.09 lakh taxpayers between April 1, 2021 and September 6, 2021. 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. 1,38,801 cases have been issued,” it said.
The IT department has endeavored 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 complete the procedures so that refunds can be generated expeditiously and help in ensuring the liquidity position of the taxpayers. (Also read: Kotak Bank revises FD interest rates with effect from 08 September 2021 – Check new fixed deposit rates here)
Further, due to difficulties reported by taxpayers and other stakeholders in filing of income tax returns and various reports of audits for assessment year 2021-22 under the Income Tax Act, 1961, CBDT recently extended the deadline for several compliances. Including filing. Income Tax Return for the assessment year 2021-22.
It has also decided that the due date for submission of audit report under any provision of the Act for the previous year 2020-21 has been extended up to January 15, 2022.
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