The Central Board of Direct Taxes (CBDT) has issued refunds of over ₹1.92 lakh crore to greater than 2.24 crore taxpayers thus far within the present monetary 12 months.
Income tax refunds of ₹70,373 crore have been issued in 2,21,62,611 instances and company tax refunds of over ₹1.2 lakh crore have been issued in 2,32,997cases, the tax division tweeted.
This consists of 1.83 crore refunds of Assessment Year 2021-22 amounting to ₹37,961 crore.
When taxpayers make extra quantity in revenue 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 revenue tax returns. They must 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 revenue, the tax division processes such return and the taxpayer would obtain an intimation from CPC beneath part 143(1) which is able to affirm the quantity of refund that the taxpayer is eligible to obtain.
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