CBDT issues Rs 1.29 lakh crore I-T refunds to 39.5 lakh taxpayers

Central Board of Direct Taxes (CBDT) has issued refunds worth over Rs 1,29,190 crore to more than 39.49 lakh taxpayers so far in this financial year, according to the Income Tax Department. This includes Personal Income Tax (PIT) refunds worth Rs 34,820 crore and corporate tax refunds amounting to Rs 94,370 crore from April 2020, to November 3.

"CBDT issues refunds of over Rs 1,29,190 crore to more than 39.49 lakh taxpayers between April 1, 2020, to November 3, 2020. Income tax refunds of Rs 34,820 crores have been issued in 37,55,428 cases and corporate tax refunds of Rs 94,370 crores have been issued in 1,93,059 cases," I-T department tweeted on Wednesday.

Last week, the Ministry of Finance had extended the deadline for filing returns by individual taxpayers for FY 2019-20 by a month till December 31. For those taxpayers whose accounts need to be audited, the income-tax return filing deadline has been extended by two months till January 31, 2021. The decision was taken considering genuine difficulties being faced by taxpayers due to the COVID-19 situation.

This was the fourth extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal. In March, the due date was extended from March 31 to June 30. Later in June, it was again extended by a month till July 31 and further to September 30.

Also read: Income Tax: How to avoid common mistakes while filing returns

Also read: CBDT extends income tax return filing date to November 30