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Relief to taxpayers, tax department issued refund of more than Rs 1,54,302 crore

IT Refunds: The Income Tax Department has issued tax refunds to 1.59 crore taxpayers. According to the Central Board of Direct Taxes (CBDT), a refund of Rs 1,54,302 crore has been issued to 1.59 crore taxpayers between April 1, 2021 and January 10, 2022.

Income Tax Way has informed by tweeting that refund of Rs 53,689 crore has been issued in 1,56,57,444 cases. At the same time, in 2,21,976 cases, corporate tax refunds of more than Rs 1 lakh crore (1,00,612 crore) have been issued. Out of this, refund of Rs 23,406 crore has been issued in 1.20 crore cases for the assessment year 2021-22.

Taxpayers who have filed their Income Tax Return by 31st December 2021 and if their refund is made, then the Income Tax Department is issuing refund to them after processing of ITR. At the same time, till December 31, 2021, the last date for filing income tax returns for the assessment year 2021-22, about 5.89 crore income tax returns have been filed. However, for those whose income tax returns need to be audited, the deadline for filing income tax returns has been extended till March 15, 2022.

If not filled return?
If you have not filed your Income Tax Return by 31st December 2021, then you have time till 31st March 2022. But now you have to pay the penalty for filing the return. If your taxable income is more than Rs 5 lakh then you will have to pay a penalty of Rs 5,000 and if the taxable income is less than Rs 5 lakh then you will have to pay a fine of Rs 1,000. But if you filed the return after March 31, 2022, then you will have to pay a hefty interest on the tax due with a penalty of Rs 10,000.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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