Home >News >India >CBDT issues over 1,06 lakh crore refund to 30 lakh taxpayers since April
The CBDT earlier said the income tax authorities can share information with scheduled commercial banks (Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.)
The CBDT earlier said the income tax authorities can share information with scheduled commercial banks (Since the IL&FS defaults, it can be noted that NBFCs and housing finance companies (HFCs) were facing a crisis of confidence, sending call money rates higher and overall liquidity tight.)

CBDT issues over 1,06 lakh crore refund to 30 lakh taxpayers since April

  • The I-T refunds of 31,741 crore were issued in 29.17 lakh taxpayers since April
  • CBDT earlier extended the due date for filing of Income Tax Returns for FY 2018-19

The Central Board of Direct Taxes (CBDT) has issued refunds of over 1,06 lakh crore to more than 30 lakh taxpayers between April 1 to September 15, 2020, said the Income Tax (I-T) Department in a statement on Wednesday.

The I-T refunds of 31,741 crore were issued in 29.17 lakh taxpayers and corporate tax refunds of 74,729 crore have been issued to over 1.74 lakh taxpayers, the statement said.

In wake of COVID-19 pandemic, CBDT earlierextended 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.

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