Page 4 - Tax Refunds

IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period. "CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs 60,472 crore have been issued in 1,58,280 cases," the Income Tax department tweeted. The Central Board of Direct Taxes (CBDT) is the apex decision-making body in direct tax matters, administers personal income tax and corporate tax. The government has emphasised on providing tax related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

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Direct tax refunds down 10% amid Covid-19 pandemic, says CBDT

Only withheld refunds where assessee reply is awaited, says CBDT

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Collections may come under pressure once the base effect wears off

Contrary to govt's claims, direct tax refunds down 67% till May 21

Expediting refunds of up to Rs 5 lakh was announced as part of the government's policy initiative to fight the economic impact of Covid

CBDT issues tax refund worth Rs 26,242 cr to tax assesses since April 1

Tax refunds issued to 16,84,298 tax assesses, says the government.

Refunds save the day for April direct tax collection; mop-up down 5%

Gross direct tax collection stood at Rs 41,556 crore in April, as against Rs 43,950 crore in the corresponding period last year

Supreme court quashes judgments by high courts on area-based exemption

Rules refunds should be limited to actual manufacturing or value addition

Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit

Pending tax refunds up to Rs 5 lakh to be issued immediately: I-T Dept

"It has also been decided to issue all pending GST and Customs refunds which would provide benefit to around 100,000 business entities, including MSMEs," the I-T department said

Budget wishlist: Exporters seek clarity on slow tax refunds, key schemes

Exporters also hope the Budget will clear the confusion around the old MEIS, which has been discontinued by the government as well as the uncertainty over the awaited RoDTEP scheme

Income Tax dept has issued 21 mn refunds till November worth Rs 1.46 trn

The Centralised Processing Centre (CPC) processed 4.70 crore tax returns between April 2019 and November 28

Tax refund scheme for exporters to be brought before Cabinet soon: Goyal

Goyal said government is encouraging its entrepreneurs to expand their manufacturing operations in the current global trade situation where nations are engaged with each other in a trade war

Haven't received your tax refund yet? Validate your bank account first

This year onwards, tax department is only issuing e-refunds directly into the bank

I-T dept issued Rs 64,700-cr refund between April 1-June 18: Sitharaman

Sitharaman further said that 269 million SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time

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CBI, Indian Revenue Services officers at loggerheads over fraud tax refunds