With the last date approaching, the pace of filing returns increased, more than 5 crore ITR filed
The Income Tax Department has given time till February 28, 2022 for e-verification, giving relief to the taxpayers who have submitted ITR for the financial year 2019-20.
IT return figure crosses 5 crore
The pace of filing returns has also accelerated as the date for filing ITR approaches. The Income Tax Department said on Wednesday that more than five crore Income Tax Returns (ITRs) have been filed so far for the financial year 2020-21. Returns have been filed. The number of ITRs is increasing rapidly as the return filing deadline approaches. At the same time, giving relief to the taxpayers who have submitted ITR for the financial year 2019-20, the Income Tax Department has said that taxpayers who do not e-verify the return can complete this work by February 28, 2022.
How much will be the loss if ITR is not filled
If you have not filed the return yet, then fill it immediately because if you do not file the return by the last date, you will be fined, if your income is up to 5 lakh, then the late fee is one thousand rupees and if the income is more than 5 lakh then this late fee 10 Will have to pay up to Rs. If your tax is due and you do not file the return by December 31, then even for one day’s delay, you will have to pay interest at the rate of 1 percent for the whole month. If your tax has been deducted more and you were about to take a refund, then you will also be delayed in taking this refund. You will be able to file your revised or billed return till March 2022. If you miss the date of 31st then you will have only three months till March 2022 to file this return, if you miss the date of March 2022 also then you will not get a chance after that. If you do not file the return even by the extended date, then you can get a notice under section 142 of Income Tax. There is also a provision of imprisonment of 6 months to 1 year along with a fine of 10 thousand rupees, however, if the outstanding tax is more than 25 lakhs, then there is also a provision of 7 years jail.
Refund of about 1.5 lakh crore rupees issued
The Income Tax Department has so far issued tax refunds of Rs 1.49 lakh crore to 1.45 crore taxpayers in the current financial year. The department gave this information on Tuesday. The Income Tax Department tweeted that it also includes 1.07 crore refunds of Rs 21,021 crore issued for the assessment year 2021-22 (financial year ended March 31, 2021). The department said that till December 27, more than 4.67 crore income tax returns have been filed for the financial year 2020-21. The department said in a tweet that income tax refund of Rs 50,793 crore has been given to 1.42 crore units. Similarly, corporate tax of Rs 98,504 crore has been refunded in 2.19 lakh cases. “The Central Board of Direct Taxes (CBDT) has made a tax refund of Rs 1,49,297 crore to 1.45 crore taxpayers during April 1, 2021 to December 27, 2021,” the department said.