Tax Refunds: Over Rs 25,000 crore issued to taxpayers, says CBDT

The Income Tax Department on May 26 said it has refunded Rs 25,301 crore to more than 15.45 lakh taxpayers so far this fiscal.

Out of the total amount, personal income tax refunds to the tune of Rs 7,494 crore have been issued in over 15 lakh cases. Corporate tax refunds of Rs 17,807 crore have been issued to 44,140 taxpayers.

“CBDT issues refunds of over Rs 25,301 crore to more than 15.45 lakh taxpayers between 1st April 2021 to 24th May 2021,” the Income Tax Department said in a tweet.

The I-T department did not specify about which financial year the refunds pertained to. However, it is believed that the refunds are for tax returns filed for the 2019-20 fiscal.

In the previous fiscal, the department had issued Rs 2.62 lakh crore-worth refunds to more than 2.38 crore taxpayers.

The refunds issued in the 2020-21 was 43.2 % higher than Rs 1.83 lakh crore issued in 2019-20.

The government has extended the due date for filing income tax returns for 2020-21 for individuals to September 30.

The CBDT has also extended the ITR filing deadline for companies by a month till November 30.

The Income Tax Department is also going to launch its new e-filing portal http://incometax.gov.in on 7th June 2021.