The central board of direct taxes (CBDT) has issued income tax (IT) returns of more than Rs 1.14 trillion between April 1 and August 31, the government said in a statement.
While the Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases, corporate tax refunds accounted to Rs. 53,158 crore in 1,46,871 cases.
“CBDT issues refunds of over Rs. 1.14 lakh crore to more than 1.97 crore taxpayers between 1st April, 2022 to 31st Aug, 2022. Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases &corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases,” the income tax (IT) department said.
Notably, the IT department said that corporate tax collections surged to 34 per cent in the first four months of the current fiscal year. Between April and July period, the corporate tax collection stood at Rs 7.23 trillion registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.