Income tax department reimburses 49,696 yen to over 22.75 lakh taxpayers

The Central Commission for Direct Taxes (CBDT) has issued income tax refunds of more than ??49,696 crore to over 22.75 lakh taxpayers in the current fiscal year so far, the income tax department tweeted on Saturday.

“The CBDT issues reimbursements of more than ??49,696 crore to over 22.75 lakh taxpayers between April 1, 2021 and August 16, 2021, “Income Tax India tweeted.

Read also: Tax department extends deadlines for various filings

Income tax refunds from ??14,608 crore issued in 21 50,668 cases and corporate tax refunds of ??35,088 crore issued in 1,24,732 cases, the CBDT informed.

CBDT formulates tax policies for the Income Tax Department.

The authority had reimbursed more than ??47,318 crore to more than 22.61 lakh taxpayers between April 1, 2021 and August 9, 2021. Income tax refund of ??14,241 crore were issued to over 21.38 lakh taxpayers, while corporate tax refunds are worth ??33,078 crore were issued in approximately 1.23 lakh cases.

Earlier this month, CBDT Chairman JB Mohapatra claimed that India’s net direct tax collection increased by 95% in fiscal year 2021-2022, reaching ??3.40 lakh crore. The CBDT chief remained reasonably optimistic about hitting the target numbers.

“The income tax service has a record ??5,373 crore in its STT collection during the first quarter of fiscal 2021. This is an increase of 109% compared to the first quarter of fiscal 2020, “Mohapatra told ANI news agency.

The Securities Transaction Tax (STT) is levied on the purchase and sale of listed / unlisted stocks, derivatives, equity-focused mutual funds, bonds and of bonds.

During the first quarter of 2020, the Income Tax Service obtained a collection of ??2,568 crores as an STT collection. During this quarter of the year, Sensex and Nifty gained 6% and 7% respectively.

The Income Tax Service has set the collection of direct taxes for this fiscal year at ??11.08 lakh crore. On this basis, the STT target for FY 22 was set at ??12,000 crores.

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