Income Tax Department Issues Refunds Worth Rs 62,361 Crore In April-June
The Income Tax Department issued refunds worth Rs 62,361 crore since April 8, which is at least 4% lower than the year-ago period.
Of the total amount released until June 30, Rs 38,908 crore is the corporate tax refund to 136,744 taxpayers and Rs 23,453 crore is income tax refund to 1,907,853 taxpayers, the Central Board of Direct Taxes said in a statement.
The department had refunded Rs 64,700 crore between April 1 and June 18 last year, according to a response shared by Finance Minister Nirmala Sitharaman in Lok Sabha on June 24, 2019.
Shailesh Kumar, partner at Nangia & Co LLP, said besides liquidity crisis being faced by businesses due to Covid-19 pandemic and expectation of declining profits for companies in the current fiscal, tax refunds issued might have contributed to a reduction in net direct tax collections.
India's direct tax collections dropped by over a third between April 1 and June 15—the last date for paying the first instalment of advance tax—to Rs 92,681 crore.
The CBDT also urged taxpayers to provide immediate response to emails of Income Tax Department so that refunds could be processed and issued right away. Such emails have been sent to taxpayers to confirm their outstanding demand, bank account number, and reconciliation of mismatch prior to issue of refund, the statement said.
-
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.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
