Income Tax dept issues I-T refund worth Rs 47,318 crore: CBDT

 














The Central Board of Direct taxes (CBDT) on August 14 informed that it has issued refunds of over Rs 47,318 crore to more than 22.61 lakh taxpayers between April 1, 2021 to August 9, 2021.


"CBDT issues refunds of over Rs. 47,318 crore to more than 22.61 lakh taxpayers between April 1, 2021 to August 9, 2021. Income tax refunds of Rs. 14,241 crore have been issued in 21,38,375 cases & corporate tax refunds of Rs. 33,078 crore have been issued in 1,22,511 cases," income tax department said from its official twitter handle.

IT department would refund the excess interest and late fee paid by taxpayers due to software error while filing ITR for 2020-21. However, the income tax department informed that error in software has been rectified and no such error will happen again says an earlier PTI report on August 12.

"Taxpayers have been advised to use the latest version of the ITR preparation software or file online. If, by any chance, someone has already submitted the ITR with such incorrect interest or late fee, the same will be correctly calculated while processing at CPC-ITR and the excess amount paid, if any, will be refunded in the normal course," the income tax department said.
In the meantime, the IT department has extended the last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic.

Source:https://www.moneycontrol.com/news/business/economy/income-tax-dept-issues-i-t-refund-worth-rs-47318-crore-cbdt-7335561.html

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