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The survey further reveals that not only has the refund timing been reduced, individual taxpayers have also reported simplification of the refund process with 90% of taxpayers getting automatic refunds. Also 75% of the individual taxpayers did not have to pay extra tax beyond the tax deducted at source (TDS).
Wrong Income Tax Refund Malpractice: Andhra Pradesh and Telangana state employees and tech employees have claimed wrong deductions and exemptions in their Income Tax returns. Tax officials are going to recheck the files and will register cases against the wrongly claimed refunds by intermediaries.
FBR pays Rs176bn sales tax refunds in 6MFY23
If a taxpayers taxes have been paid in excess of their tax liability, they are entitled to a refund.
The Income Tax department on Wednesday said that the Central Board of Direct Taxes has issued refunds of over Rs 1,12,489 cr to more than 91.30 lakh taxpayers from 1st April 2021 to 1st November 2021. The IT department added that refunds of Rs 33,548 crore have been issued in 89,53,923 cases and corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases. ALSO READ | Sensex rises over 250 pts in early trade; Nifty tops 17,900