Income Tax: CBDT issue Rs 1.71 lakh cr income tax refunds till February 14 for FY2021-22

The Central Board of Direct Taxes (CBDT) has issued income tax refunds of Rs 1.71 lakh crore to nearly two crore taxpayers in the current financial year till February 14, 2022.

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"CBDT issues refunds of over Rs. 1,71,555 crore to more than 1.97 crore taxpayers from 1st Apr,2021 to 14th Feb,2022. Income tax refunds of Rs. 63,234 crore have been issued in 1,95,17,945 cases &corporate tax refunds of Rs. 1,08,322 crore have been issued in 2,28,604 cases," Income Tax India tweeted from its official Twitter handle on Wednesday.

CBDT issues refunds of over Rs. 1,71,555 crore to more than 1.97 crore taxpayers from 1st Apr,2021 to 14th Feb,2022. Income tax refunds of Rs. 63,234 crore have been issued in 1,95,17,945 cases &corporate tax refunds of Rs. 1,08,322 crore have been issued in 2,28,604 cases(1/2)

— Income Tax India (@IncomeTaxIndia) February 16, 2022

In a subsequent tweet, it said, "This includes 1.58 crore refunds of AY 2021-22 amounting to Rs. 31,857.27 crore."

As per an ANI report on January 27, 2022, the CBDT had issued Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24, 2022 of the current fiscal year.

In this context, it can be added, in the recently announced Union Budget 2022, Finance Minister Nirmala Sitharaman did not tinker with the personal income tax rates in the Budget for 2022-23. The FM also did not raise standard deduction, which was widely anticipated in view of elevated inflation levels and impact of the pandemic on the middle class. At present, the standard deduction stands at Rs 50,000.

The corporate tax rate too was kept at the same level. However, concessional rate of 15 per cent has been extended by one year for newly incorporated manufacturing units.