Central Board of Direct Taxes issues refunds of over Rs 1.14 lakh crore in 4 months

It also said that IT refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases.

The Central Board of Direct Taxes (CBDT) said on Saturday that it has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1 to August 31.

It also said that income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases.

Also Read | India's FY23 fiscal deficit may come around 6.5%: Report

"CBDT issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1, 2022 to August 31, 2022. Income tax refunds of Rs 61,252 crore have been issued in 1,96,00,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases," the CBDT said.

Recently, the Income Tax Department said that tax collections from corporates soared 34 per cent in the first four months of the fiscal year compared to the equivalent period in 2021-22, indicating that the "simplified tax regime with low rates and no exemptions" has lived up to its promise.

It said that the corporate tax collections during April and July period stood at Rs 7.23 lakh crore registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.