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According to the finance act 2021, section 72A of the Income-tax Act, 1961 was amended to deal with the amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies and carry forward of losses in case of change in shareholding following sale by the government.
New Delhi: The income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore.
“CBDT issues refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between 1st April 2021 to 05th July 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases & corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases,” the I-T department tweeted.