Income tax refunds News

This year a record of over 1.62 crore ITRs were processed in a single day for A.Y. 2024-25, according to the statement.

The Central Board of Direct Taxes (CBDT) has recently released a circular addressing the process for submitting condonation of delay applications related to filing Income Tax Returns (ITR). This request enables taxpayers to file their ITRs even after the official deadline for submission or revision has passed.

The refunds were issued between 1st April 2021 and 6th December 2021. Income tax refunds worth Rs 44,207 crore have been issued in 1,17,32,079 cases. Corporate tax refunds worth Rs 88,174 crore have been issued in 1,99,481 cases.

The Central Board of Direct Taxes (CBDT) frames policy for the Income Tax Department. The CBDT issued refunds of over Rs 92,961 crore to more than 63.23 lakh taxpayers from 1st April, 2021 to 18th October, 2021. This includes 32.49 lakh refunds of AY 2021-22 amounting to Rs 2498.18 crore.

The CBDT on Wednesday issued an order stating refunds of over Rs 98,625 crore to over 26.2 lakh taxpayers between 1st April to 1st September Notably, the CBDT order has been issued in exercise of powers conferred under section 138(1)(a) of the Income Tax Act, 1961

The CBDT has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases up to 11th July 2020, to help taxpayers with liquidity in Covid-19 pandemic days.

CBDT further said that about 1.75 lakh more refunds are in the process of issuance this week, adding "These refunds will get credited directly to the taxpayer bank account in five to seven business days from issuance."

Taxpayers have been advised to check their status of pending returns for the said AYs at the IT department website for e-filing -- http://incometaxindiaefiling.Gov.In/. They can log in by using their PAN number and specific year of assessment.

Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days.

Income Tax Department has processed 3.27 crore returns and has issued refunds in 1.81 crore cases.

In good news for lakhs of taxpayers awaiting their IT refunds, the government has directed the taxman to "expeditiously" settle claims involving less than Rs 50,000.

The pending amount for current fiscal so far is Rs 68,032.21 crore; Rs 43,963.42 crore in 2013-14 and Rs 7,968.51 crore in 2012-13.

Industry body Ficci has asked Finance Minister Arun Jaitley to expedite IT refunds by making the process taxpayer-friendly through issuance of an online passbook linked with the permanent account number (PAN) in which refunds are credited as dues for each financial year.