Monday, March 28, 2022

Income Tax Refund: 'Good News' For Taxpayers! CBDT Issues Refunds

The Central Board of Direct Taxes (CBDT) on Thursday said it has issued returns worth over Rs 1,54,302 crore. 

"From 1st April 2021 to 10th January 2022, CBDT has issued refunds of over Rs 1,54,302 crore to 1.59 crore taxpayers," the CBDT said. In addition, income tax of Rs 53,689 crore was refunded in 1,56,57,444 cases and corporate tax of Rs 1,00,612 crore in 2,21,976 cases, the department said.

What number of ITRs have been recorded till 31st December?

Till December 31, around 5.89 crore Income Tax Returns (ITRs) have been filed in the new e-filing portal for the financial year 2020-21 (ending March 2021). Out of this, over 46.11 lakh ITRs were recorded on December 31. 

"As of 31st December 2021, around 5.89 crore Income Tax Returns (ITRs) have been recorded in the new e-documenting entrance of Income Tax Department," the CBDT said.

Of the 5.89 crores, ITRs submitted for the assessment year 2021-22 (Financial Year 2020-21), 49.6 percent ITR1 (2.92 crores), 9.3 percent ITR2 (54.8 lakh), 12.1 percent ITR3 (71.725 lakh), 2. ITR4 ( 1.60 crores), 1.3 percent ITR5 (7.66 lakh). Also 2.58 lakh ITR-6 and 0.67 lakh ITR-7 have been filed.

What if I have not paid ITR yet?

If you cannot file your ITR by 31st December 2021, then you now have 31st March 2022. Notwithstanding, for this, you should suffer a consequence. Late filers will have to pay a fine for the delay. 

Chargemaster Balwant Jain says that assuming your pay is more than Rs 5 lakh, then, at that point, you should suffer a consequence of Rs 5,000 while documenting ITR and if the income is less than Rs 5 lakh then the penalty fee will be one. thousands of rupees

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