Over Rs 1,29,190 Crore Refunds Issued To 39.49 Lakh Taxpayers
The Central Board of Direct Taxes (CBDT) has so far issued over ₹1,29,190 crores in refunds to over 39.49 lakh taxpayers from April till November 3, stated the Income Tax Department on Wednesday (November 4). According to the I-T Department, income tax refunds of ₹34,820 crores have been issued in connection with 37,55,428 cases and corporate tax refunds of ₹94,370 crores have been issued in over 1.93 lakh cases. The I-T department posted on Twitter saying, "CBDT issues refunds of over ₹1,29,190 crore to more than 39.49 lakh taxpayers between April 1, 2020, to November 3, 2020. Income tax refunds of ₹34,820 crores have been issued in 37,55,428 cases and corporate tax refunds of ₹94,370 crores have been issued in 1,93,059 cases.
The Ministry of Finance had earlier extended the deadline for filing returns by individual taxpayers for the financial year 2019-20 till December 31. The CBDT had earlier issued a notification on June 24, 2020, extending the due date for all Income Tax Returns (ITRs) for the financial year 2019-20 to November 30, 2020. This came in view of providing relief to taxpayers amid the COVID-19 pandemic.
In a statement, the CBDT stated that due date for furnishing of ITRs for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020."
The statement added that the due date for furnishing of ITRS for "the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date as per the I-T Act is October 31, 2020] has been extended to January 31, 2021. This means that the last date for taxpayers who have to get their accounts audited or those who are required to furnish the reports of domestic or international transactions is January 2021. The earlier deadline was October 31, 2020. Experts noted that the much-needed extension of deadlines will provide headroom to taxpayers for completing their compliance requirements but facing issues in the pandemic.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
