The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 70,120 crore to greater than 26 lakh taxpayers so far in the present monetary yr.
In a tweet on Sunday, the Income Tax Department mentioned that out of the entire refunds income tax refunds consisted of Rs 16,753 crore and company tax refunds had been worth Rs 53,367 crore.
“CBDT issues refunds of over Rs 70,120 crore to greater than 26.09 lakh taxpayers between 1st April, 2021 to sixth September, 2021. Income tax refunds of Rs 16,753 crore have been issued in 24,70,612 circumstances & company tax refunds of Rs 53,367 crore have been issued in 1,38,801 circumstances,” it mentioned.
The I-T Department has tried to smoothen its tax processing techniques which is supporting fast assessments and well timed era of refunds. In wake of the pandemic, the division goes the additional mile to finish the procedures so that refunds may be generated shortly and assist in making certain the liquidity place of taxpayers. (Also Read: Kotak Bank revises FD rates of interest efficient 08 September 2021 – Check new mounted deposit charges right here)
Further, attributable to difficulties reported by the taxpayers and different stakeholders in submitting of Income Tax Returns and numerous studies of audit for the Assessment Year 2021-22 beneath the Income Tax Act, 1961, CBDT lately prolonged deadlines for a number of compliances, together with the submitting of Income Tax returns for AY 2021-22.
The due date of furnishing of returns of income for the evaluation yr 2021-22, has been prolonged 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 additionally determined that the due date of furnishing the report of audit beneath any provision of the Act for the earlier yr 2020-21, has been prolonged to January 15, 2022.