The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 1,71,555 crore to more than 1.97 crore taxpayers from April 1, 2021, to February 14, 2022, the Income Tax department said on Wednesday.
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Income tax refunds of Rs 63,234 crore have been issued in 1,95,17,945 cases and corporate tax refunds of Rs 1,08,322 crore have been issued in 2,28,604 cases, the department said in a tweet.
CBDT issues refunds of over Rs. 1,71,555 crore to more than 1.97 crore taxpayers from 1st Apr,2021 to 14th Feb,2022. Income tax refunds of Rs. 63,234 crore have been issued in 1,95,17,945 cases &corporate tax refunds of Rs. 1,08,322 crore have been issued in 2,28,604 cases(1/2)
— Income Tax India (@IncomeTaxIndia) February 16, 2022
This includes 1.58 crore refunds of AY 2021-22 amounting to Rs 31,857.27 crore.
Tax authorities refund the excess amount after the assessment when an individual pays more tax than he or she is actually liable to pay.
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