RBI Issues Circular On Levying Unfair Interest Charges On Customers

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The Income Tax Department has refunded Rs 2.61 lakh crore to taxpayers in FY2020-21, which is a 42.1% jump from Rs 1.83 lakh crore that was refunded in FY 2019-20, the Finance Ministry said on April 9.

Officials of the Central Board of Direct Taxes (CBDT) have maintained over the past few months that in view of the pandemic and increased need of money by the taxpayers, they have tried to expedite refunds.

Incidentally, if a taxpayer has not received refund, he can bring his case to the notice of the I-T department through the e-filing portal.

CBDT officials told Money9 that apart from writing through the link available on the e-filing portal one can also write to the department via a link (https://bit.ly/2YgCyk3) for any queries/concerns related to the processing of their ITRs, refunds or any other related issue.

In a statement on April 9, the ministry of finance also said, “The provisional figures of direct tax collections for FY2020-21 show that net collections are at Rs 9.45 lakh crore. The net direct tax collections include Corporation Tax at Rs 4.57 lakh crore and Personal Income Tax including Security Transaction Tax (STT) at Rs 4.88 lakh crore. The net direct tax collections represent 104.46% of the revised estimates of Rs 9.05 lakh crore of direct taxes for FY 2020-21.”

The Finance Ministry also said that gross collection of direct taxes (before adjusting for refunds) for FY 2020-21 stands at Rs 12.06 lakh crore. This amount includes Corporation Tax at Rs 6.31 lakh crore and Personal Income Tax including Security Transaction Tax(STT) at Rs. 5.75 lakh crore, advance tax of Rs 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs 5.45 lakh crore, self-assessment tax of Rs 1.07 lakh crore, regular assessment tax of Rs 42,372 crore, dividend distribution tax of Rs 13,237 crore and tax under other minor heads of Rs 2,612 crore.

“Despite an extremely challenging year, the advance tax collections for FY2020-21 stand at Rs 4.95 lakh crore which shows a growth of approximately 6.7% over the advance tax collections of the immediately preceding financial year of Rs. 4.64 lakh crore,” the statement said.