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.

Tax Updates

MAIN TAX UPDATES

    • Limit for the payment of cash expenses (capital and income expenses) reduced from RS. 20,000 to RS. 10,000 per day in total per person.

 

    • No Person will receive an amount of two lakh rupees or more, in cash (Sec 269ST).

 

    • Below Rs. Billing cases of 2 million rupees – For non-cash sales (through digital media, online, checks, banks, etc.): the net profit will be taken as 6% of gross billing/receipt. It is 8% for cash sales.

 

    • The tax exemption limit is Rs.2,50,000 / – (as before) After that, up to 5 Lakh, the tax rate is 5% (previously it was 10%).

 

    • The tax refund is reduced to Rs.2500 from Rs.5000 per year for taxpayers with incomes up to Rs.3.50,000 (formerly Rs.5.00,000).

 

    • Surcharge to 10 percent of the tax applied to rich taxpayers with incomes between Rs.50 Lakh and Rs.1 Crore. The surcharge rate for the super rich, with incomes above Rs.1 Crore, will remain at 15%.

 

Important Tax Updates 2018

    • Rent payment – 50.00 rupees per month for an individual or HUF (not subject to tax audit requirement) – Deduct TDS @ 5%.

 

    • The capital gain with respect to the Land and Construction period was reduced from 3 years to 2 years and the base year was modified from 04/01/1981 to 04/01/2001.

 

The corporate tax rate for the 2017-18 accounting year for companies with an annual turnover of up to Rs.50 crores (in the 2015-16 accounting year) is reduced to 25%. No change in the firm tax rate of 30%.

Donation made in excess of Rs.2000 will not be eligible for the deduction under section 80G.

Shares of unquoted shares are taxed at fair value (estimated).

    • The deduction for first-time investors in listed shares or listed units of equity-oriented funds under the Rajiv Gandhi Capital Savings Scheme under section 80CCG of the IT laws of 1961 is withdrawn from the 2017-18 fiscal year. If an individual has already claimed the deduction under this scheme before April 1, 2017, they will be allowed to obtain a deduction during the next two years.

 

    • No tax is applied for partial withdrawals from the National Pension System. NPS subscribers may withdraw 25% of their contribution to the corpus for emergencies before retirement. The 40% withdrawal of the corpus is tax-free before retirement.

 

    • In the absence of PAN of the buyer of specified products, the TCS rate will be double the extension rate or 5%, whichever is higher.

 

    • From the 2017-18 fiscal year, if the Refund is not presented within the due date, the arrears rate of Rs.5,000 will be delayed until December 31 and Rs.10,000 thereafter. Said fee will be restricted to Rs.1,000 for small taxpayers with incomes of up to Rs.5 lakh.

 

    • A simple one-page tax return form must be submitted for Individuals with taxable income of up to Rs. 5 lakh (excluding commercial income). Those who file returns for the first time in this category will generally not be subject to scrutiny.

 

    • The time period for the review of the tax return is reduced to one year (from 2 years) from the end of the relevant financial year or before the end of the evaluation, whichever occurs first.

 

When the registered trusts of Section 12AA modify their object clause, they must submit their request within 30 days to CIT for approval.

    • It is mandatory to disclose the Aadhar number while the IT Return is recorded. Previously it was optional to reveal the Aadhar number. In general, the last filing date for the IT declaration is July 31. Therefore, it is advisable that the taxpayer obtain their Aadhar number as soon as possible.