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Income Tax Department has issued more than 1 lakh crore refunds so far this year, 78 lakh taxpayers got money

Shehnaz AliBy Updated:No Comments2 Mins Read
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This refund has been issued to 77.92 lakh taxpayers.

The Income Tax Department has so far issued more than 1 lakh crore refunds in the current financial year. The Central Board of Direct Taxes (CBDT) has tweeted this information. According to the tweet made by CBDT, between April 1, 2021 and September 25, 2021, the Income Tax Department has issued a refund of 1 lakh 2 thousand 952 crores.

This refund has been issued to 77.92 lakh taxpayers. In the total refund, Rs 27 thousand 965 crore has been returned to the individual. Refund of 74 thousand 987 crore has been done to the corporate. Refunds have been issued to Corporates in 1 lakh 70 thousand 424 cases, while refunds have been issued to Individuals in 76 lakh 21 thousand 956 cases. In this, refund of 6657 crore has been issued for assessment year 2021-22 which is for 46.09 lakh cases.

Here the Income Tax Department has enabled the tax audit utility form for the financial year 2019-20 and 2020-21 on its portal. Under the Income Tax Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of the business exceed Rs 10 crore in the financial year 2020-21 (Assessment Year 2021-22). In case of professionals, this limit is Rs 50 lakh.

Audit report to be submitted by 15 January 2022

For the financial year 2019-20, this limit is Rs 5 crore and Rs 50 lakh. The last date for filing tax audit report for the financial year 2020-21 is 15 January 2022. For the financial year 2019-20, it was to be filed by January 15, 2021, although companies can still file the audit report by modifying it.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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