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Taxpayers Good News! CBDT issues refunds of over Rs 1,54,302 crore – check details immediately

The Central Board of Direct Taxes (CBDT) on Thursday informed that it has issued refunds of more than Rs 1,54,302 crore. “CBDT has issued refunds of over Rs 1,54,302 crore to over 1.59 crore taxpayers from April 1, 2021 to January 10, 2022,” the CBDT said. Along with this, the department said, “Income tax refund of Rs 53,689 crore has been issued in 1,56,57,444 cases and corporate tax refund of Rs 1,00,612 crore has been issued in 2,21,976 cases.”

How many ITRs have been filed till 31st December?

It is worth noting that around 5.89 crore Income Tax Returns (ITRs) were filed till the December 31 deadline on the new e-filing portal for the financial year 2020-21 (ending March 2021). Out of this, over 46.11 lakh ITRs were filed on December 31 itself. The CBDT had said, “Around 5.89 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department till December 31, 2021.”

Of the 5.89 crore ITRs filed for the assessment year 2021-22 (2020-21 financial year), 49.6 per cent ITR1 (2.92 crore), 9.3 per cent ITR2 (54.8 lakh), 12.1 per cent ITR3 (71.05 lakh), 27.2 per cent ITR4 ( 1.60 crores), 1.3 per cent ITR5 (7.66 lakhs). Apart from this 2.58 lakh ITR-6 and 0.67 lakh ITR7 were filed.

What to do if ITR is not filed yet?

If you have not been able to file your ITR by 31st December 2021, then now you have time till 31st March 2022 to do so. But, you will have to pay a fine for this. Late filers have to pay a penalty fee to compensate for the delay. Tax expert Balwant Jain told that if your income is more than five lakhs, then you will have to compulsorily pay a penalty fee of 5 thousand rupees while filing your ITR and if the income is less than 5 lakhs, then this penalty fee will be one thousand rupees. .

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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