In an important development, the income tax department came out to say that it had issued income tax refunds of over Rs 1.48 lakh crore to more than 1.02 crore taxpayers. These refunds have been made till December 14, 2020.

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The total amount issued of Rs 1.48 lakh crore includes personal income tax refunds of about Rs 45,264 crore and corporate tax refunds of Rs 1.03 lakh crore, the department said.

The income tax department gave this information via Twitter.

"Central Board of Direct Taxes (CBDT) issues refunds of over Rs 1,48,274 crore to more than 1.02 crore taxpayers between April 1, 2020, to December 14, 2020. Income tax refunds of Rs 45,264 crore have been issued in 1,00,02,982 cases and corporate tax refunds of Rs 1,03,010 crore have been issued in 2,00,854 cases," it said in its tweet.

Meanwhile, the last date for filing income tax returns (ITR) looms closer. The CBDT, which is the administrative authority of the tax department, had extended the last date of filing ITR for the previous financial year to December 31. This was done as a result of the effects of the coronavirus pandemic.

Earlier, the taxpayers were supposed to file the ITR for the financial year 2019-20 by July 31, 2020.

Those who haven't filed their ITR yet can do so by creating an e-filing account on the income tax department's official website for the purpose: www.incometaxindiaefiling.gov.in. They can select a form from the three available for different categories of individuals. It will take them to the filing page, where they can enter their details to generate ITR V. After downloading the acknowledgement and printing the form, it can be signed and sent to the income tax department within 120 days.

Recently, the income tax department detected black money of about Rs 700 crore after a raid in Tamil Nadu. They had raided a group that undertook civil government contracts and seized Rs 21 crore of unaccounted cash, the CBDT said earlier this week.