Income Tax refund alert! CBDT has this important message for you

The Central Board of Direct Taxes (CBDT) has informed that it has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%.

Income tax refunds of approximately Rs. 87,749  crore have been issued in 2,34,27,418 cases whereas corporate tax refunds of approximately Rs. 1,74,576 crore have been issued in about 3,46,164 cases during the said period.

 Ministry of Finance in a statement said, “The Financial Year 2020-21 has been a year full of challenges, both, globally as well as for India due to the COVID-19 pandemic. The Government has, from time to time, come out with several initiatives to mitigate the economic hardship caused to the people due to the effect of the pandemic. To provide immediate relief to the taxpayers, both individuals and business entities, the Government has issued income tax refunds in majority of the pending cases with alacrity.”

“It has been the endeavour of the Government to come out with various measures to ease the economic fallout of the pandemic and in line with the same, CBDT has issued pending refunds expeditiously,” Ministry of Finance added.

Meanwhile, the government on Wednesday extended the deadline for linking PAN with biometric Aadhaar by three months till June 30. The income tax department said it has received representations from taxpayers that the last date for intimating the Aadhaar number may further be extended in the wake of the on-going COVID-19 pandemic.

“Keeping in view the difficulties faced by the taxpayers, the Central Government has issued notification today extending the last date for the intimation of Aadhaar number and linking thereof with PAN to 30th June, 2021,” the Central Board of Direct Taxes (CBDT) said in a statement.