Are you awaiting your Income Tax refund? Over 24 lakh taxpayers may have got, or will soon get their refunds as the Income Tax department has issued refunds worth Rs 88,652 crore so far this fiscal. This includes personal income tax refunds for over 23 lakh taxpayers and corporate tax refunds to over 1.58 lakh taxpayers during this period. “CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs 60,472 crore have been issued in 1,58,280 cases,” the Income Tax department said in a tweet on Friday.
Prime Minister Narendra Modi-led government recently launched a platform ‘Transparent Taxation — Honoring the Honest’ and made tax rules easier and friendlier. PM Modi also announced faceless assessment, appeal, taxpayer charter to make the taxation process more transparent. Launching the platform on 13th August, PM Modi exhorted taxpayers. “Ask your conscience and pay tax honestly,” he said. He even asked those who don’t fall in the tax net yet to think of ways of contributing and pay taxes too. Stating that the number of taxpayers is very small in the country as compared to its large population, PM Modi said that fundamental reforms are needed in the Indian tax system. “We have decreased complexity, taxes, litigation, and increased transparency, tax compliance, and trust on the taxpayer,” he said during the launch.
With the launch of the platform for ‘Transparent Taxation — Honoring the Honest’, the government looks to further carry forward the journey of direct tax reforms, the Finance Ministry had said in a statement early this month. During the coronavirus pandemic, the government has emphasised on providing tax related services to taxpayers without any hassles and to that end has been clearing up pending tax refunds.
Source : Financial Express