The Central Board of Direct Taxes has issued refunds of over Rs 1,71,555 crore to more than 1.97 crore taxpayers till February 14th 2022 for FY22, the Income Tax Department notified in a tweet on Wednesday. This also includes 1.58 crore refunds for FY 2021-22, amounting to Rs 31,857.27 crore.
Out of the refund amount, Rs 63,234 crore have been issued in almost 1.95 cases, whereas corporate tax refunds amounted to Rs 1,08,322 crore in 2,28,604 cases.
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
Notably, the last date to file income tax returns for individual taxpayers was December 31, 2021, whereas for corporate taxpayers it is March 15, 2022. For this fiscal year, the deadline to file IT returns has been extended several times owing to the technology glitch encountered by several taxpayers while filing returns. Several chartered accountants (CAs) took to Twitter last month regarding their grievances while filing IT returns on the new IT portal.
Finance Minister Nirmala Sitharaman had also summoned Sahil Parekh, the CEO and MD of Infosys to explain the reasons behind the glitch. In 2019, Infosys was awarded a contract to develop a new online IT portal, in order to reduce the processing time from 63 days to one day and for expediting refunds.