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Income tax department issues refund of over Rs 1.14 lakh crore to taxpayers
The income-tax department on September 3 said it has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers between April 1 and August 31. The Central Board of Direct Taxes (CBDT) has further issued refunds of Rs 61,252 crore in 1,96,00,998 cases. Corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases, the department said. The department recently said that corporate tax collection has seen a rapid growth of 34% in the first four months of the current fiscal year from a year ago. Meanwhile, it has collected around Rs 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the new return filing form called ITR-U, which was notified this year as part of the budget 2022-23. ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22. CBDT chairman Nitin Gupta said the scheme was brought by the Union government for the benefit of taxpayers so that they can comply with their tax responsibilities without getting into legal hassles. Taxpayers filing this form, which can be filed within two years of the end of the relevant assessment year, will have to give reasons for updating the income -- return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss. Source: MoneyControl #Incometax
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