NEW DELHI: The Income Tax Department said in a tweet on Thursday that refunds worth over ₹1.59 trillion have been issued to 1.74 crore taxpayers between 1 April 2021 and 17 January 2022.
“Income tax refunds of ₹56,765 crore have been issued in 1,72,01,502 cases and corporate tax refunds of ₹1,02,428 crore have been issued in 2,22,774 cases,” the IT department tweeted.
The total refund amount includes 1.36 crore refunds for assessment year (AY) 2021-22 amounting to ₹26,372.83 crore.
As of 7 pm on 31 December, which was the last date for filing income tax returns (ITRs) for individual taxpayers for the financial year 2021, the IT department reported that more than 5.78 crore income tax returns (ITRs) for AY 2021-22 have been filed, compared to 5.95 crore ITRs for AY 2020-21 filed till 10 January 2021, which was the extended due date for AY 2020-21.
The ITR filing deadline for taxpayers whose books of accounts need to be audited and for corporates for AY 2021-22 has been extended to 15 February 2022 and 15 March 2022, respectively.
CBDT said that these deadlines were extended due to difficulties reported by the taxpayers and other stakeholders due to the pandemic and in electronic filing of various reports of audit.
For other taxpayers, the deadline to file their tax returns was 31 December 2021 and those who missed the deadline can file belated ITR until 31 March 2022 by paying a penalty. The penalty for incomes above ₹5 lakh is ₹5,000, while for incomes below ₹5 lakh, the penalty is ₹1,000.
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