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.

How to maximise your tax saving by choosing the right insurance policy for yourself & family?

How to maximise your tax saving by choosing the right insurance policy for yourself & family?

The purpose of purchasing insurance is to provide the maximum level of assurance. Insurance is a legally binding agreement between the insurer and the insured that provides the best possible care to the insured, depending on the policy acquired. The fundamental need is to ensure that you and your loved ones are always safe, regardless of the circumstances.

Income tax deductions under sections 80D and 80C

Purchasing insurance coverage has numerous financial advantages. Aside from the extensive coverage provided by insurers, there are other tax advantages. Who doesn’t want the opportunity to save more money? Sections 80D and 80C of the Income Tax Act provide opportunities to save money on insurance.

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Section 80C contains a comprehensive list of investments for which you can claim a tax deduction when filing your taxes. Employee Provident Funds, Public Provident Funds, Life Insurance, Infrastructure Bonds, and so on are examples of these. These plans and investment opportunities have been listed, and you can pick the one that best suits your needs.

The tax benefits available to you under Section 80D of the Income Tax Act are based on the health insurance premiums you may have paid during the fiscal year. One of the most significant types of insurance is medical insurance. It assures that you are protected in the event of an accident or hospitalisation. The most important feature of a health insurance policy is cashless hospitalisation, which ensures that you receive the best treatment possible without delay.

Insurance policies for you and your family

Choosing the right insurance coverage is critical, and it should be done after evaluating all of your needs and variables. If you have dependents, the policy should include coverage for them as well. In such instances, a family insurance policy is preferable to an individual policy for everyone because it is less expensive and offers more advantages.

Life insurance policy for a better tomorrow

A life insurance policy is a contract that specifies that if the insured person dies, the insured’s family will get a specific amount of money. When the insured passes away, the family is taken care of. This assures that the family will not be short on cash and will be able to take their time to simplify their lives.

Health insurance policy

Health insurance comes in a variety of forms and can be tailored to meet the needs of persons with known pre-existing conditions. The premiums paid might be deducted from your taxes.

Packages are available based on the insured’s age, and benefits are available appropriately. The inclusion of OPD for the younger generation, while families or young couples benefit from maternity coverage. The elderly receive benefits tailored to their needs, such as reimbursement for alternative treatments like AYUSH, no room rent capping, and so on. When you get health insurance for yourself and your family, including your elderly parents, you can get a tax deduction of up to 1 lakh rupees.

FSDC meeting on September 3; to assess the economy and financial industry.

For a better life, get term insurance coverage.

Term insurance is a contract that promises to compensate the insured’s family in the event of the insured’s death. The difference between life insurance and term insurance is that with term insurance, you can only collect the money if the insured passes away. Term insurance has reduced premiums, but the insurer has no financial liability after the term ends, regardless of the date of death.

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Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA.

Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA.

The government approved a Rs 15,000-crore foreign direct investment (FDI) application for infrastructure investment from Anchorage Infrastructure Investment Holding Ltd, a subsidiary of a Canadian pension fund. The FDI proposal was accepted by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, for investment in infrastructure and construction-development industries.

Transport and logistics, as well as downstream investment in the airport sector and aviation-related industries and services, may be among them.

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According to an official statement, the transaction also comprises the transfer of a stake of Bangalore International Airport Limited to Anchorage and a Rs 950 crore investment by the 2726247 Ontariao Inc in Anchorage Infrastructure Investment Holding Ltd.

OAC is the administrator of OMERS, one of Canada’s largest defined benefit pension plans, and 2726247 Ontariao Inc is a wholly-owned subsidiary of OAC.

Tax Benefits Available For Startups 

The investment will provide a significant boost to the infrastructure and building industries, as well as the airport industry. It will bolster the Indian government’s ambition to construct world-class airports and transportation infrastructure through private partnerships, according to the statement.

The investment will also provide a major boost to the recently announced National Monetisation Pipeline, according to the announcement (NMP). It will assist support the leasing of state-owned infrastructure assets to private operators, which includes assets such as highways, trains, airports, sports stadiums, power transmission lines, and gas pipelines.

Anchorage Infrastructure Investment Holding Ltd proposes to invest downstream in some of the NMP-affected sectors.


The investment will also result in direct job creation, according to the statement, because the sector in which Anchorage Infrastructure Investment Holding Ltd proposes to make downstream investments is capital- and employment-intensive.

The investment will also create indirect jobs in the construction and related industries, according to the statement.

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