CBDT tax refunds worth Rs 26,242 cr issued; over 16.8 lakh benefit from move

The Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs 26,242 cr to over 16.8 lakh (1684298) assessees between 1 April 2020 and 21 May, 2020, a Ministry of Finance release said, today.

Income Tax refunds amounting to Rs 14632 cr have been issued to 15,81,906 assessees, the release said. Meanwhile, corporate tax refunds amounting to Rs 11,610 cr have been issued to 102,392 assessees during this period, the release further said.

“It is stated that the refund process has been further expedited and refunds are being issued at a greater pace since the Union Finance Minister Smt. Nirmala Sitharaman’s announcement made in the AatmaNirbhar Bharat Abhiyan last week,” the release said.

CBDT has released a sum of Rs 2050.61 cr in the previous week ended on 16 May, i.e. between 9 May and 16 May 2020 to 37,531 income tax assesses, the release said. The department also released a sum of Rs 867.62 cr to 2878 corporate tax assesses, the release further said.

The release further said that during the week between 17 May and 21 May 2020, the CBDT refunded another 122,764 income tax assesses. The refunded amount was to the tune of Rs 2672.97 cr and 33,774 corporate tax assessees including trusts, MSMEs, proprietorships, partnerships, etc were issued refunds worth Rs 6714.34 cr, taking the total amount refunded to Rs. 9387.31 cr in the case of 156,538 assessees.

The CBDT is a part of Department of Revenue in the Ministry of Finance. The CBDT provides inputs for policy and planning of direct taxes in India, and is also responsible for administration of direct tax laws through the IT Department. It is a statutory authority functioning under the Central Board of Revenue Act, 1963. It comprises of a chairman and six members.

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The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes.