₹1.14 lakh crore refunds issued to taxpayers, says income tax department

The Income Tax Department has said that it issued refunds worth ₹1.14 lakh crore to more than 1.97 crore taxpayers between April 1 and August 31 this year.“Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases &corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases”, the income tax department tweeted.A total of 5.83 crore income tax returns were filled till July 31, the deadline for filing the returns. A record 72.42 lakh returns were filed on the last day on July 31, PTI reported.ALSO READ: Here’s how you can check your ITR refund status onlineThe income tax return filing was slow in the initial phases, but gained pace as the deadline neared.”The surge of filing ITRs peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITRs being filed on a single day,” PTI quoted the official statement.
CBDT issues refunds of over Rs. 1.14 lakh crore to more than 1.97 crore taxpayers between 1st April, 2022 to 31st Aug, 2022. Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases &corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases— Income Tax India (@IncomeTaxIndia) September 3, 2022
In the last financial year (2020-21), about 5.89 crore income tax returns were filed by the tax payers by the extended deadline of December 31, 2021. The central government had extended the deadline for filing ITRs over the last two financial years. But this year, the deadline was not extended even by a day.ALSO READ: Income Tax Return: After rectifying details, check request status. Read hereOut of 5.83 crore ITRs filed for AY 2022-23, 50 per cent of these are ITR-1 (2.93 crore), 11.5 per cent are ITR-2 (67 lakh), 10.9 per cent are ITR-3 (63.35 lakh) and 26 per cent are ITR-4 (1.54 crore), PTI reported.”The number of ITRs filed during working hours (9 AM-6 PM) since 7th July, 2022 to 31st July, 2022 is around 3.31 crore, which is 58.77% of the total ITRs filed,” it said.”Over 47% of these ITRs have been filed using the online ITR form on the portal and the balance have been uploaded using the ITR created from the offline software utilities.”(With PTI inputs)

ABOUT THE AUTHOR

Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
…view detail