NEW DELHI: The Central Board of Direct Taxes (CBDT) announced on Saturday, September 3, that the Board has issued refunds of more than Rs 1.14 lakh crore to over 1.97 crore taxpayers between April 1 to August 31.
The Board also said that 1,96,00,998 cases received income tax refunds totaling Rs 61,252 crore and 1,46,871 cases received corporation tax refunds totaling Rs 53,158 crore.
"Between April 1, 2022, and August 31, 2022, the it has issued refunds totaling more than Rs 1.14 lakh crore to more than 1.97 crore taxpayers. 1,96,00,998 cases have received income tax refunds totaling Rs 61,252 crore, while 1,46,871 cases have received corporate tax refunds totaling Rs 53,158 crore "said the CBDT.
The Income Tax Department recently reported that corporation tax revenues increased 34% in the first four months of the current fiscal year compared to the same period in 2021–2022; this shows that the "simplified tax regime with low rates and no exemptions" has delivered on its promise.
According to the report, the corporate tax receipts between April and July totaled Rs 7.23 lakh crore, up more than 58% from the tax collections for FY 2020–21.
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