Taxpayers across India were credited with total tax refunds of nearly Rs 1.2 lakh crore. The Central Board of Direct Taxes (CBDT), which is responsible for the administration of direct tax laws through the IT Department, issued refunds amounting to Rs 1,19,093 crore to 1.02 crore taxpayers. The refunds were issued from April 1, 2021 to November 15, 2021.
Of this amount, nearly Rs 40,000 crore was income tax refunds while the remaining figure was refund for corporate taxes.
"CBDT issues refunds of over Rs 1,19,093 cr to over 1.02 crore taxpayers from 1st April, 2021 to 15th November, 2021. Income tax refunds of ₹38,034 crore have been issued in 1,00,42,619 cases & corporate tax refunds of ₹81,059 crore have been issued in 1,80,407 cases," the Income Tax Department said in a tweet.
"This includes 67.99 lakh refunds of AY 2021-22 amounting to ₹13,140.94 crore," Income-tax Dept added.
CBDT issues refunds of over Rs. 1,19,093 crore to more than 1.02crore taxpayers from 1st April,2021 to 15th November,2021. Income tax refunds of Rs. 38,034 crore have been issued in 1,00,42,619cases &corporate tax refunds of Rs. 81,059 crore have been issued in 1,80,407cases(1/2)
— Income Tax India (@IncomeTaxIndia) November 18, 2021
Despite the effects of the pandemic on the economy, the collection of direct taxes has grown in 2021 when compared to the previous year. Collection of direct taxes grew by 74.4 percent until September 22 in this financial year, when compared to the same period of time in the previous financial year. Total direct tax collections stood at Rs 5,70,568 crore in FY21-22 until September 22, compared to Rs 4,48,976 crore collected until the same date in FY20-21.
The Ministry of Finance had said that the collection of direct taxes in FY21 had seen an increase of 27 percent when compared to figures from FY19-20.
(Edited by : Anshul)
First Published: Nov 18, 2021 1:40 PM IST
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