Income tax refunds worth about ₹1.83 lakh cr issued so far this fiscal
Premium- IT refunds of ₹65,938 crore have been issued in 2,07,27,503 cases and corporate tax refunds of ₹1.17 lakh crore have been issued in 2,30,566 cases.
The CBDT (Central Board of Direct Taxes) has issued income tax refunds of over ₹1.83 lakh crore to more than 2.09 crore taxpayers from 1 April, 2021 to 28 February, 2022, according to an official statement
Income tax refunds of ₹65,938 crore have been issued in 2,07,27,503 cases and corporate tax refunds of ₹1.17 lakh crore have been issued in 2,30,566 cases.
This includes 1.70 crore refunds of AY 2021-22 amounting to ₹34,202 crore.
When taxpayers make excess amount in income tax than the actual tax liability, then he or she is eligible for the refund of the extra amount. The excess amount paid is refunded by the Income tax (I-T) department after due assessment.
Taxpayers can avail refunds by filing their income tax returns. They need to furnish documentation proof about their Income and deduction details in the returns. It is mandatory to file the returns to claim the refund.
Once the returns are filed, the IT department will verifies the returns and confirms whether one is eligible for a refund. The tax department processes the refund only after the return is e-verified by the taxpayer. Usually, it takes 25-60 days from the date of e-verification for the refund to be credited.
When a taxpayer claims a refund in his return of income, the tax department processes such return and the taxpayer would receive an intimation from CPC under section 143(1) which will confirm the amount of refund that the taxpayer is eligible to receive.
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