The Income Tax Department issues refunds of more than Rs 1.14L cr
New Delhi: Equipped with advanced digital infrastructure, the Income Tax (IT) Department issued refunds of over Rs 1.14 lakh crore to over 1.97 crore taxpayers during the current fiscal year until August 31, 2022.
“The CBDT issues refunds of over Rs. 1.14 crore lakh to over 1.97 crore taxpayers between April 1, 2022 and August 31, 2022. Income tax refunds of Rs. 61,252 crore were issued in 1,96,00,998 cases and corporate tax refunds of Rs. 53,158 crores were issued in 1,46,871 cases,” the Inland Revenue said in a tweet on Saturday.
The Central Board of Direct Taxes (CBDT) is the supreme decision-making body for direct taxes such as personal income tax and corporate tax.
With the rise of digitalisation, the tax administration has transformed its tax declaration and reimbursement processes. It drastically reduced the time for filing and processing tax returns, which enabled the government to collect revenue in a timely manner. This has significantly improved the taxpayer experience.
Naveen Wadhwa, Deputy Managing Director of Taxmann, said that within a 15-day window, taxpayers now file the return and get refunds, if any, after verification and processing by the tax department.
He recalled that this year was the first time in many years that the tax return due date had not been pushed back as the robust IT system put in place by the ministry was running smoothly. despite a heavy load.
“Thanks to its digital resources, the tax department has significantly improved information gathering, tax preparation, tax filing, tax processing and refund issuance,” Wadhwa added.
Up to 5.83 crore tax returns (ITRs) have been filed till July 31, 2022 (due date) for the tax year 2022-23. The flurry of RTI filings peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh of RTI deposited in a single day.