New Delhi, Business Desk. The Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs 98,625 crore to 26.2 lakh taxpayers from April 1 to September 2020. The Income Tax Department said this in a statement on Wednesday. In its statement, the department stated that an income tax refund of Rs 29,997 crore has been issued in 24,50,041 cases and a corporate refund of Rs 68,628 crore has been issued in 1,68,421 cases.
CBDT issues refunds of over Rs 98,625 crore to over 26.2 lakh taxpayers between 1st April to 1st September. Income tax refunds of Rs. 29,997 crore issued in 24,50,041 cases & corporate tax refunds of Rs.68,628 crore have been issued in 1,68,421 cases: Income Tax Department
Significantly, in view of the outbreak of Corona virus epidemic, the CBDT had extended the deadline for filing income tax returns for the financial year 2018-19 (assessment year 2019-20) from 31 July to 30 September 2020.
The CBDT had earlier said that income tax authorities can share information with scheduled commercial banks, thereby reducing the hassle of lenders in deciding the TDS deduction on various payments of their customers.
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 their taxpayers with other agencies.