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Income tax refund of Rs 92,961 crore issued in 2021-22

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Income tax refunds of over Rs 90,000 crore have been issued in the current financial year

The Central Board of Direct Taxes (CBDT) on Thursday said that a total income tax refund of Rs 92,961 crore has been issued to taxpayers during the current financial year.

The board said in a Twitter post that these figures include refunds of Rs 23,026 crore in 61,53,231 cases and corporate tax refunds of Rs 69,934 crore in 1,69,355 cases.

Refunds worth Rs 92,961 crore were issued by the CBDT to over 63.23 lakh taxpayers for the period from April 1, 2021 to October 18, 2021.

The department further said, “This includes 32.49 lakh refunds for the assessment year 2021-22, amounting to Rs 2,498.18 crore.”

Last Thursday, the government had said that over two crore income tax returns (ITRs) have been filed so far and the platform has “stabilised to a great extent”.

Urging taxpayers to file their returns for the financial year 2020-21 at the earliest, whose last date is December 31, 2021, the Income Tax Department said in a statement that over 1.70 crore returns have been e-verified and Of these, 1.49 crore were done through the Aadhaar based One Time Password (OTP) system.

The process of e-verification through Aadhaar OTP and other methods is crucial for the department to initiate the process of ITR and issue of refund, if any.

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