Income tax refunds worth Rs 92,961 crore issued in 2021-2022


Income tax refunds worth over Rs 90,000 crore issued in current fiscal year

Income tax refunds totaling Rs 92,961 crore have been granted to taxpayers in the current fiscal year, the Central Commission on Direct Taxes (CBDT) said on Thursday.

Those figures include refunds of Rs 23,026 crore in 61,53,231 cases and corporate tax refunds of Rs 69,934 crore in 1,69,355 cases, the board said in a Twitter post.

Refunds were issued by CBDT in the value of Rs 92,961 crore to over 63.23 lakh taxpayers for the period April 1, 2021 to October 18, 2021.

“This includes repayments of 32.49 lakh from the 2021-22 valuation year in the amount of 2,498.18 crore rupees,” the department added.

As of Thursday, the government said more than two crores of income tax returns (ITRs) had been filed through it to date and that the platform had “substantially stabilized.”

Urging taxpayers to file their returns for fiscal year 2020-21 at the earliest, the latest date of which is Dec.31, 2021, the income tax department said in a statement that more than 1.70 crore returns had been filed. electronically verified and among these. , 1.49 crore was made through the Aadhaar-based One-Time Password (OTP) system.

The electronic verification process through Aadhaar OTP and other methods is important for the department to begin processing the RTI and issue refunds, if applicable.

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