CBDT refunds Rs 67,401 crore to over 23.99 lakh taxpayers between April 1 to August 16

CBDT refunds Rs 67,401 crore to over 23.99 lakh taxpayers between April 1 to August 16

Between April 1 and August 16, the Central Board of Direct Taxes awarded refunds totalling Rs 67,401 crore to over 23.99 lakh Indian taxpayers, according to the Income Tax Department of India.

Income tax refunds totalling Rs 16,373 crore have been issued in 22,61,918 cases, while corporate tax refunds totalling Rs 51,029 crore have been awarded in 1,37,327 cases, according to the I-T Department.

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“Between April 1 and August 30, 2021, the CBDT issues refunds of over Rs. 67,401 crore to over 23.99 lakh taxpayers. In 22,61,918 cases, income tax refunds of Rs 16,373 crore were provided, while corporate tax refunds of Rs 51,029 crore were issued in 1,37,327 cases “India’s Income Tax Department sent out a tweet.

 

Between April 1 and August 16, the agency claimed it has provided income tax refunds totaling Rs 49,696 crore to more than 22.75 lakh people.

 The Central Board of Direct Taxes deals with matters related to levying and collecting Direct Taxes and formulation of various policies related to direct taxes.

CBDT is a part of Department of Revenue in the Ministry of Finance. They provides inputs for policy and planning of direct taxes in India, and is also responsible for administration of direct tax laws through the IT Department.

The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. Historical Background of C.B.D.T

 

The Central Board of Direct Taxes issued refunds of over Rs 67,401 crore to over 23.99 lakh Indian taxpayers between April 1 and August 16, the Income Tax Department of India said on Saturday. 

The I-T Department also stated that income tax refunds totaling Rs 16,373 crore were issued in 22,61,918 cases, while corporate tax refunds totaling Rs 51,029 crore were issued in 1,37,327 cases.

15CA/CB – Manual Filing Extended till July 15th

15CA/CB – Manual Filing Extended till July 15th

CBDT extends the date for manual filing of tax forms for foreign remittance

File Pic The Central Board of Direct Taxes, CBDT has granted further relaxation in the electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July 2021.

The taxpayers can now submit these forms in manual format to the authorized dealers by the 15th of this month. The CBDT in a statement said that authorized dealers are advised to accept such forms for the purpose of foreign remittances.

Higher TDS rates for Non-filers of Income-tax 

A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number. As per the Income-tax Act, 1961, there is a requirement to furnish forms 15CA and 15CB electronically.

Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.

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Latest Updates

Latest Updates

1. The deadline to issue Form 16 has been extended to July 31, 2021, from the previous deadline of July 15, 2021.

2. MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.

Refer link

3. Finance Minister in a Press Conference has announced the economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons.

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4. Income Tax Assessing Officer cannot issue consolidated notices for different Assessment Years. Case Name: Barnala Steel Industries Ltd Vs ACIT (ITAT Delhi). Appeal Number: ITA Nos.3201/Del/201 And ITA No. 6783/DEL/2013