CBDT issues refunds of over Rs. 51,531 crore to more than 22.99 lakh taxpayers between 1st April,2021 to 23rd August,2021. Income tax refunds of Rs. 14,835 crore have been issued in 21,70,134 cases &corporate tax refunds of Rs. 36,696 crore have been issued in 1,28,870 cases(1/5)
For FY2021-22, ITD has issued refunds of over Rs. 51,531 crore upto 23.08.2021. Till date, 93% of the refund claims in ITRs for AY20-21 have already been processed. In the past week,refunds of over Rs. 15,269 crore have been issued which will be credited to taxpayers shortly(2/5)
During the last year(FY 20-21), refunds of Rs. 2.62 lakh crore (increase of over 42% over FY 19-20) were issued to over 2.37 crore taxpayers. It may be noted that this included the refunds expedited in a series of measures providing relief to taxpayers during the pandemic (3/5)
To resolve pending refunds of AY 20-21, ITD is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices for prima facie adjustments, defects, adjustment u/s 245 & refund failure due to bank account mismatch (4/5)
The Deptt requests taxpayers to respond online quickly, so that ITRs in such cases of AY 20-21 can be processed expeditiously. The Deptt has also commenced processing of ITRs 1 & 4 for AY 21-22 & refunds, if any, will be issued directly to the bank account of the taxpayer (5/5)

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More from @IncomeTaxIndia

31 Mar
CBDT issues refunds of over Rs. 2,24,829 crore to more than 2.37 crore taxpayers between 1st April,2020 to 29th March,2021. Income tax refunds of Rs. 85,012 crore have been issued in 2,33,78,418 cases & corporate tax refunds of Rs. 1,39,817crore have been issued in 2,85,438 cases
Read 4 tweets
24 Oct 20
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5)
The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021 (2/5)
The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December, 2020 (3/5)
Read 5 tweets
21 Oct 20
CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period.
Read 4 tweets
19 Mar 20
(1/9) Pursuant to the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS)on 17.3.2020, the Direct Tax Vivad se Vishwas Rules, 2020 alongwith Forms-1 to 5 have been notified on 18.3.2020 vide notification No.18 of 2020.
(2/9) The Forms are required to be filed by the declarant electronically only. No paper form shall be accepted. The Designated Authority shall also issue the certificate and order electronically only.
(3/9) The declarant shall be required to file declaration under the VSVS in Form-1 and relevant schedules.
Read 10 tweets
13 Feb 20
Certain misinformation is being circulated in Social Media pertaining to individual return filers.
CBDT clarifies:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19..1/6
Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh.
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh..2/6
The Finance Act, 2019 has exempted individual tax payers having income up to Rs 5 lakh. Therefore, these 4.32 crore individual tax payers having income up to Rs 5 lakh shall not be liable to pay tax for the current financial year 2019-20 and subsequent years...3/6
Read 8 tweets

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