Tax Refund : The Income Tax Department has issued a refund of more than one lakh crore rupees to the taxpayers in the current financial year so far.
New Delhi. The Income Tax Department has refunded more than Rs 1,02,952 crore to more than 77.92 lakh taxpayers till 25 October in the current financial year (2021-22). This figure is for refunds made between 1 April 2021 and 25 October 2021. Of this, personal income tax refund was Rs 27,965 crore, while that of corporates was Rs 74,987 crore.
The Income Tax Department tweeted and said, “The Central Board of Direct Taxes (CBDT) has refunded more than Rs 1,02,952 crore to more than 77.92 lakh taxpayers between April 1, 2021 and October 25, 2021. Income tax refund of Rs 27,965 crore has been issued in 76,21,956 cases and corporate tax refund of Rs 74,987 crore has been issued in 1,70,424 cases.
In this, 46.09 lakh refunds worth Rs 6,657.40 crore are for the assessment year 2021-22 (AY 2021-22), the Income Tax Department said.
CBDT issues refunds of over Rs. 1,02,952 crore to more than 77.92 lakh taxpayers from 1st April,2021 to 25th October,2021. Income tax refunds of Rs. 27,965 crore have been issued in 76,21,956 cases & corporate tax refunds of Rs. 74,987 crore have been issued in 1,70,424cases(1/2)
— Income Tax India (@IncomeTaxIndia) October 27, 2021
It is worth noting that in the last financial year 2020-21, the Income Tax Department had issued tax refunds of Rs 2.62 lakh crore to 2.38 crore taxpayers. This was 43.2 percent more than the refund of Rs 1.83 lakh crore issued in the financial year 2019-20.
Income Tax Department has enabled the Tax Audit Utility Form on
its portal. Under the Income Tax Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of the business exceed Rs 10 crore in the financial year 2020-21 (assessment year 2021-22). In case of professionals, this limit is Rs 50 lakh. For the financial year 2019-20, this limit is Rs 5 crore and Rs 50 lakh respectively.
The last date for filing tax audit report for the financial year 2020-21 is 15 January 2022. For the financial year 2019-20, it was to be filed by January 15, 2021, although companies can still file revised tax audit reports.
