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Economy

Over INR 1.54 Trillion Income Tax Refunds Issued this Fiscal So Far

The income tax department announced on Thursday that it has paid refunds totalling over Rs 1.54 lakh crore to over 1.59 million taxpayers this fiscal year.

By Kautilya / January 14, 2022

The income tax department announced on Thursday that it has paid refunds totalling over Rs 1.54 lakh crore to over 1.59 million taxpayers this fiscal year.

This includes Rs 23,406.28 crore in reimbursements for Assessment Year 2021-22 (fiscal year ended March 31, 2021).

The I-T department tweeted, “From 1st April 2021 to 10th January 2022, CBDT issues refunds of over Rs 1,54,302 crore to more than 1.59 lakh taxpayers.”

Personal income tax refunds totalling Rs 53,689 crore have been distributed to over 1.56 crore organisations, while corporate tax refunds totalling over Rs 1 lakh crore have been distributed to over 2.21 lakh firms.

Individual taxpayers had until December 31, 2021 to file tax returns for the fiscal year 2020-21, which ended March 31, 2021. The deadline for corporate taxpayers is March 15, 2022.

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