Income Tax Refunds Worth 92,961 Crore Issued In 2021-22

Income tax refunds worth more than ₹ 90,000 crore have been issued in the current fiscal1

Income Tax refunds totalling ₹ 92,961 crore have been issued to taxpayers during the current fiscal, the Central Board of Direct Taxes (CBDT) said on Thursday.

These figures include refunds of ₹ 23,026 crore in 61,53,231 cases and corporate tax refunds of  69,934 crore in 1,69,355 cases, the board said in a Twitter post.

The refunds were issued by CBDT worth ₹ 92,961 crore to more than 63.23 lakh taxpayers for the period from April 1, 2021 to October 18, 2021.

“This includes 32.49 lakh refunds of assessment year 2021-22 amounting to 2,498.18 crore,” the department further said.

Last Thursday the government had said that more than two crore income tax returns (ITRs) have been filed through it till date and the platform has “substantially stabilised”.

Urging tax payers to file their returns for the fiscal 2020-21 at the earliest, the last date for which is December 31, 2021, the income tax department in a statement said that more than 1.70 crore returns have been e-verified and of these, 1.49 crore were done through Aadhaar based one-time password (OTP) system.The process of e-verification through Aadhaar OTP and other methods is important for the department to commence processing of the ITR and to issue refunds, if any.

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