CBDT has issued a refund of ₹1,01,308 crore to more than 27.55 lakh taxpayers
The Central Board of Direct Taxes (CBDT) has issued refunds of over ₹1,01,308 crore to more than 27.55 lakh taxpayers between April 1 to September 8, 2020, stated by Income Tax (IT) Department on Wednesday.
According to the statement, the IT refunds of ₹30,768 crores were issued in 25,83,507 cases and corporate tax refunds of ₹70,540 crores have been issued in 1,71,155 cases. CBDT has extended the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from July 31 to September 30, 2020, because of the COVID-19 pandemic.
According to many analysts, this decision will help in cases such as TDS under Section 194N, which requires multiple income tax-related information and declaration from customers making a withdrawal.
CBDT is the apex tax body on personal income tax and corporate tax. Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies.
The CBDT earlier stated the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders’ hassle of deciding TDS deductibility on various payments to their customers.
In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included ‘scheduled commercial banks’, listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of the Income Tax Act for sharing of information.
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