New Delhi: The Central Board of Direct Taxes (CBDT) said on Saturday that it has issued refunds of over Rs 1.14 trillion to more than 19.7 million taxpayers between April 1 to August 31.
Additionally, it stated that corporate tax refunds of Rs 53,158 crore and income tax refunds of Rs 61,252 crore have been given in 1,46,871 and 19,600,998, respectively.
“CBDT issues refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1, 2022 to August 31, 2022. Income tax refunds of Rs 61,252 crore have been issued in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 146,871 cases,” the CBDT said.
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The Income Tax Department recently reported that corporation tax revenues increased 34% in the first four months of the current fiscal year compared to the same period in 2021–2022; this shows that the “simplified tax regime with low rates and no exemptions” has delivered on its promise.
According to the report, the corporate tax receipts between April and July totaled Rs 7.23 trillion, up more than 58% from the tax receipts for FY 2020–21.
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