The income tax agency gives taxpayers refunds totaling more than Rs. 1.14 trillion
According to the income-tax department, corporate tax refunds totaling Rs 53,158 crore have been given in 1,46,871 cases.
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On September 3, the income-tax department reported that between April 1 and August 31, it had given more than 1.97 crore taxpayers refunds totaling more than Rs 1.14 lakh crore.
Further reimbursements of Rs 61,252 crore were given by the Central Board of Direct Taxes (CBDT) in 1,96,00,998 cases. 1,46,871 cases resulted in corporate tax returns totaling Rs 53,158 crore, according to the department.
The department recently reported a sharp increase in corporation tax collection of 34% in the first four months of the current fiscal year compared to the same period last year.
After approximately 1 lakh returns were submitted by taxpayers using the new return filing form known as ITR-U, which was announced this year as part of the budget 2022–23, it has in the meantime amassed about Rs 28 crore in taxes.
ITR-U, short for "income tax return-updated," is an option offered to taxpayers for the 2019–20 and 2020–21 fiscal years, or assessment years 2020–21 and 2021–22, in order to file updated returns.
The system, according to CBDT Chairman Nitin Gupta, was introduced by the Union government for the benefit of taxpayers so they can comply with their tax obligations without running afoul of the law.
Within two years of the conclusion of the applicable assessment year, taxpayers who file this form must explain why they are modifying their income, including any reasons for incorrectly reporting income, choosing the incorrect heads of income, or reducing a carried-forward loss.
