The I-T refunds of ₹29,997 crore were issued in 24,50,041 cases, the regulator said
The CBDT earlier said the income tax authorities can share information with scheduled commercial banks
The Central Board of Direct Taxes (CBDT) has issued refunds of over ₹98,625 crore to more than 26.2 lakh taxpayers between April 1 to September 1, 2020, said the Income Tax (I-T) Department in a statement on Wednesday.
The I-T refunds of ₹29,997 crore were issued in 24,50,041 cases and corporate tax refunds of ₹68,628 crore have been issued in 1,68,421 cases, the statement said.
In wake of COVID-19 pandemic, CBDT has extended the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from July 31 to September 30, 2020.
The CBDT earlier said the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders’ hassle of deciding TDS deductibility on various payments to their customers.
In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included ‘scheduled commercial banks’, listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.
CBDT is the apex tax body on personal income tax and corporate tax. Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies.
The move will especially help in cases such as TDS under Section 194N, which requires multiple income tax related information and declaration from customers making withdrawal, analyst said.