Income Tax Dept. Return The Amount to the Taxpayers?? 1.14 Lakh Crore Refunds In This Year. The Income tax department of India refunds a huge amount of net amount to the taxpayers. The amount of income tax refund corresponds to the excess tax that was paid by the taxpayer and is thus not considered an income. Hence, it is not taxable. To know more details stay tuned with us.
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ÌT refund is the return of the excessive amount paid by the citizen to the federal government or a state government. While taxpayers tend to look at a refund as a bonus or a stroke of luck, it often represents what is essentially an interest-free loan that the taxpayer made to the government. The income Tax department made the refund of an amount over Rs 1.14 lakh crore in the first five months of this economic year.
The official tweet of the IT department reads, “CBDT (Central Board of Direct Taxes) issues refunds of over Rs. 1.14 lakh crore to more than 1.97 crore taxpayers between 1st April 2022 to 31st Aug 2022”. This refund of IT in the sectors of personal and corporate refunds. To know regular and recent updates subscribe and follow ExamsDaily.
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