The income tax (IT) department has stated that it has issued refunds worth over Rs 1.76 lakh crore to over 1.65 crore taxpayers in the country during the current fiscal.
The IT department has issued personal income tax refunds of Rs 58,631 crore in 1,62,39,742 cases and corporate tax refunds of Rs 1.17 lakh crore in 2.11 lakh cases.
“CBDT issues refunds of over Rs 1,76,217 crore to more than 1.65 crore taxpayers between 1st April 2020 to 18th January 2021,” the income tax department tweeted.
The IT department had set January 10 as the last date of filing income tax returns for 2019-20 for taxpayers whose accounts did not require auditing.
Such taxpayers file their returns using ITR-1 and ITR-4 forms.
The last date for filing returns for taxpayers requiring audit has been set on February 15.
Individuals whose income is less than Rs 50 lakh file their returns through ITR-1.
Individuals earning up to Rs 50 lakh and having a presumptive income from business and other professions file their returns through ITR-4.
Since the IT department is issuing refunds electronically this time, refunds are being credited directly to the bank accounts of taxpayers.
The refunds could however be delayed in case of an issue regarding the details of the same.
Taxpayers can correct the details of their PAN-linked bank account online on the IT department’s portal.
The income tax refunds can only be issued only to the pre-validated bank accounts.
The taxpayers can log on the department’s website with their PAN and password and choose the option to prevalidate their bank account.
They have to provide a bank account number, mobile number, IFSC code and email ID linked to the bank account for the same.