Volume 2 Issue 7

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Refunds of Rs 1.54 lakh crore to 1.59 crore taxpayers issued by CBDT from April 1 to January 10

Date of News: 

13-01-2022

Date of Publication: 

10-02-2022

Unique ID:

202281534

Name of the Author: 

Priyanka Sharma

Field of Law: 

Law of Taxation

Content of News:

On Thursday, the Income Tax Department has said that the Central Board of Direct Taxes (CBDT) from April 1 to January 10 has issued refunds of over Rs 1,54,302 crore to beyond 1.59 crore taxpayers. The department tweeted that in 1,56,57,444 cases, income tax refunds of Rs 53,689 crore have been issued and in 2,21,976 cases, corporate tax refunds of Rs 1,00,612 crore have been issued. It also said that 1.20 crore refunds of AY 2021-22 amounting to Rs 23,406.28 crore is also included in this. The department on January 5 has said that so far in this fiscal year, it has issued refunds of over Rs 1.50 lakh crore which includes 1.1 crore refunds of assessment year 2021-22 amounting to Rs 21,323.55 crore. Among this, in 1.46 crore cases, income tax refund of Rs 51,194 crore have been issued and in over 2.19 lakh cases, corporate tax refunds of Rs 99,213 crore have been issued. Salil Parekh Infosys CEO, has said that till December 31 which was the last date to file the IT returns, close to 5.8 crore income tax returns were filed and out of which 46 lakh returns were filed on the last day itself on the new e-filing portal. Several chartered accountant associations have demanded to extend the deadline as they cited the pandemic impact and the glitches in the e-filing portal as the reasons behind the submission delay. But the decision was against their ask. January 15,2022 was the deadline that was fixed earlier for filing the tax audit reports. A penalty of 0.5% on turnover, or a maximum of Rs 1.5 lakh, was to be imposed if the submissions were made following the specified date.

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