As we all know, the income tax department issues I-T refund to taxpayers in India. These refunds are released after taxpayers do ITR Filing. This year too, the Income-tax department issues refunds. These refunds are worth thousands of crores. Let us discuss this latest update in detail.
Income tax department issues I-T refund
The I-T department has issued refunds to more than 22.61 Lakh taxpayers. Accordingly, The refunds were issued by CBDT(Central Board of Direct Taxes) between 1st April 2021 to 9th August 2021.
The refunds are estimated to be over ₹47,318 crore.
Refunds Notification by Income Tax Department on Twitter
Income Tax Department has tweeted Notification on “CBDT issues refunds of over Rs. 47,318 crore to more than 22.61 lakh taxpayers between 1st April, 2021 to 09th August, 2021. Income tax refunds of Rs. 14,241 crore have been issued in 21,38,375 cases & corporate tax refunds of Rs. 33,078 crore have been issued in 1,22,511 cases.”
Relief for Taxpayers as Income Tax Department extends ITR filing due date
Previously, PTI stated that the Income Tax Department may issue refunds with the interest and excess late fee paid by taxpayers due to the error in the department’s website.
However, giving relief to taxpayers, The income tax department has extended the last date for ITR filing till 30th September 2021. It was done in consideration of difficulties reported by taxpayers and other stakeholders in electronic filing of certain income tax forms.
Read this in detail – Income Tax due date extended
Download E-Startup Mobile App and Never miss the freshest updates narrating to your business.