CBDT issues income tax refunds worth Rs 70,120 crore so far in FY22

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 70,120 crore to more than 26 lakh taxpayers so far in the current financial year.

In a tweet on Sunday, the Income Tax Department said that out of the total refunds income tax refunds consisted of Rs 16,753 crore and corporate tax refunds were worth Rs 53,367 crore.

"CBDT issues refunds of over Rs 70,120 crore to more than 26.09 lakh taxpayers between 1st April, 2021 to 6th September, 2021. Income tax refunds of Rs 16,753 crore have been issued in 24,70,612 cases & corporate tax refunds of Rs 53,367 crore have been issued in 1,38,801 cases," it said.

The I-T Department has tried to smoothen its tax processing systems which is supporting quick assessments and timely generation of refunds. In wake of the pandemic, the department is going the extra mile to complete the procedures so that refunds can be generated quickly and help in ensuring the liquidity position of taxpayers. (Also Read: Kotak Bank revises FD interest rates effective 08 September 2021 - Check new fixed deposit rates here)

Further, due to difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income Tax Act, 1961, CBDT recently extended deadlines for several compliances, including the filing of Income Tax returns for AY 2021-22.

The due date of furnishing of returns of income for the assessment year 2021-22, has been extended to December 31, 2021, from September 30. (Also Read: Cheque Books of THESE 2 Banks to be discontinued from October 1! Got an account?)

It has also decided that the due date of furnishing the report of audit under any provision of the Act for the previous year 2020-21, has been extended to January 15, 2022.