Income Tax Refund ALERT! CBDT refunds over Rs 49,696 cr to more than 22.75 lakh taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 49,696 crore to more than 22.75 lakh taxpayers between April 1 and August 16, the Income Tax Department of India said on Saturday.

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Income tax refunds of Rs 14,608 crore issued in 21,50,668 cases and corporate tax refunds of Rs 35,088 crore issued in 1,24,732 cases, the CBDT informed.
"Income Tax India: CBDT issues refunds of over Rs. 49,696 crore to more than 22. 75 lakh taxpayers between 1st April 2021 to 16th August 2021," the Income Tax India tweeted.

CBDT issues refunds of over Rs. 49,696 crore to more than 22.75 lakh taxpayers between 1st April, 2021 to 16th August, 2021. Income tax refunds of Rs. 14,608 crore have been issued in 21,50,668 cases & corporate tax refunds of Rs. 35,088 crore have been issued in 1,24,732 cases.

— Income Tax India (@IncomeTaxIndia) August 21, 2021

On August 7, the department had said that it has issued income tax refunds of Rs 45,897 crore to 21.32 lakh taxpayers between April 1 and August 2.

Earlier, the Income Tax Department has also said it will refund the excess interest and late fee paid by taxpayers due to software error while filing ITR for 2020-21. The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic. However, some taxpayers complained that interest and late fee was charged while fil‌ing income tax return (ITR) after July 31, 2021. 

The department in a tweet said the ITR software was rectified on August 1 itself to remove the error due to incorrect computation of interest under section 234A and late fee under section 234F of Income Tax Act. 

"Taxpayers have been advised to use the latest version of the ITR preparation software or file online. If, by any chance, someone has already submitted the ITR with such incorrect interest or late fee, the same will be correctly calculated while processing at CPC-ITR and the excess amount paid, if any, will be refunded in the normal course," the I-T department tweeted. 

Earlier, ITR filing deadline for the last financial year was extended to September 30, 2021, to provide relief to taxpayers amid the pandemic.