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CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22

Majority of refunds worth Rs 1.39 lakh crore issued for assessment year FY21. Refunds worth 31,857 crore were paid for the current financial year (FY22) as well.

February 16, 2022 / 06:48 PM IST
Representative image

Representative image

The income tax department on Wednesday said it has issued refunds of over Rs 1.71 lakh crore to more than 1.97 crore taxpayers so far in the current fiscal year.

In a tweet, the Central Board of Direct Taxes (CBDT) said, "Refunds of over Rs. 1,71,555 crore to more than 1.97 crore taxpayers from 1 April 2021 to 14 February 2022 have been issued".

This includes income tax refunds worth Rs 63,234 crore being issued to 1.95 crore individual cases of direct income tax filed by individuals. Also, corporate tax refunds worth Rs 1.08 lakh crore have been issued in 2.28 lakh cases of corporate tax filed by companies.

Majority of the refunds (worth Rs 1.39 lakh crore) are being issued for income tax paid for the FY21 (2020-21) assessment year which ended on March 31. For individual taxpayers, the deadline for filing tax returns for that fiscal was December 31, 2021. For corporate taxpayers, the last date is March 15, 2022.