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Income Tax Refunds of INR 1.62 Trillion Issued So Far this Fiscal

According to official data released on 27th January, the Central Board of Direct Taxes (CBDT) has issued Rs 1.62 lakh crore (US$ 21.60 billion) in income tax refunds to over 1.79 million taxpayers till January 24, 2022 of the current fiscal year.

By Kautilya / January 29, 2022

According to official data released on 27th January, the Central Board of Direct Taxes (CBDT) has issued Rs 1.62 lakh crore (US$ 21.60 billion) in income tax refunds to over 1.79 million taxpayers till January 24, 2022 of the current fiscal year.

It claimed that income tax refunds totalling Rs 57,754 crore (US$ 7.68 billion) were provided in 1,77,35,899 cases, while corporate tax refunds totalling Rs 1,04,694 crore (US$ 13.92 billion) were issued in 2,23,952 cases. This comprises 1.41 crore refunds totalling Rs 27,111.40 crore (US$ 3.606 billion) for the Assessment Year 2021-22.

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