The CBDT (Central Board of Direct Taxes) has issued earnings tax refunds of over ₹1.83 lakh crore to greater than 2.09 crore taxpayers from 1 April, 2021 to twenty-eight February, 2022, in keeping with an official assertion
Income tax refunds of ₹65,938 crore have been issued in 2,07,27,503 instances and company tax refunds of ₹1.17 lakh crore have been issued in 2,30,566 instances.
This consists of 1.70 crore refunds of AY 2021-22 amounting to ₹34,202 crore.
When taxpayers make extra quantity in earnings tax than the precise tax legal responsibility, then she or he is eligible for the refund of the additional quantity. The extra quantity paid is refunded by the Income tax (I-T) division after due evaluation.
Taxpayers can avail refunds by submitting their earnings tax returns. They have to furnish documentation proof about their Income and deduction particulars within the returns. It is obligatory to file the returns to assert the refund.
Once the returns are filed, the IT division will verifies the returns and confirms whether or not one is eligible for a refund. The tax division processes the refund solely after the return is e-verified by the taxpayer. Usually, it takes 25-60 days from the date of e-verification for the refund to be credited.
When a taxpayer claims a refund in his return of earnings, the tax division processes such return and the taxpayer would obtain an intimation from CPC underneath part 143(1) which can verify the quantity of refund that the taxpayer is eligible to obtain.
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