te Taxpayers ALERT: IT REFUND worth Rs 47,318 cr issued between April and August; charged excess interest, late fee? Income Tax REFUND coming soon for you too | Zee Business

Taxpayers ALERT: IT REFUND worth Rs 47,318 cr issued between April and August; charged excess interest, late fee? Income Tax REFUND coming soon for you too

The deadline for filing ITR for the last financial year was extended to September 30, 2021, in a bid to provide relief to taxpayers amid the pandemic.   

Taxpayers ALERT: IT REFUND worth Rs 47,318 cr issued between April and August; charged excess interest, late fee? Income Tax REFUND coming soon for you too
"Taxpayers have been advised to use the latest version of the ITR preparation software or file online," it said. Source: Reuters

The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, has issued refunds of over Rs. 47,318 crore to more than 22.61 lakh taxpayers between April 1, 2021 to August 9, 2021, said Income Tax India on Saturday. 

See Zee Business Live TV Streaming Below:

TRENDING NOW

"Income tax refunds of Rs. 14,241 crore have been issued in 21,38,375 cases & corporate tax refunds of Rs. 33,078 crore have been issued in 1,22,511 cases," said the IT dpartment. 

Earlier, the news agency PTI has reported the Income Tax Department saying that it will refund the excess interest and late fee paid by taxpayers due to software error while filing ITR for 2020-21. The last date for filing ITR for last financial year has been extended till September 30, 2021, from July 31 to give taxpayers compliance relief during the pandemic. 

However, some taxpayers complained that interest and late fee was charged while fil‌ing income tax return (ITR) after July 31, 2021. 

The department in a tweet said the ITR software was rectified on August 1 itself to remove the error due to incorrect computation of interest under section 234A and late fee under section 234F of Income Tax Act. 

"Taxpayers have been advised to use the latest version of the ITR preparation software or file online. If, by any chance, someone has already submitted the ITR with such incorrect interest or late fee, the same will be correctly calculated while processing at CPC-ITR and the excess amount paid, if any, will be refunded in the normal course," the I-T department tweeted. 

The deadline for filing ITR for the last financial year was extended to September 30, 2021, in a bid to provide relief to taxpayers amid the pandemic.

Reported By: IANS
Updated: Sat, Aug 14, 2021
01:08 pm
Patna, ZeeBiz WebDesk
RELATED NEWS
GST intelligence unit detected over Rs 1.98 lakh crore worth tax evasion cases, ITC fraud totaling Rs 21,078 crore in 2023: FinMin GST intelligence unit detected over Rs 1.98 lakh crore worth tax evasion cases, ITC fraud totaling Rs 21,078 crore in 2023: FinMin
Net direct tax collection grows 19% so far in FY'24 to Rs 14.70 lakh crore, 81% of Budget target Net direct tax collection grows 19% so far in FY'24 to Rs 14.70 lakh crore, 81% of Budget target
Income Tax Department conducts search operations at premises of wires, cables and electrical items manufacturer in Mumbai Income Tax Department conducts search operations at premises of wires, cables and electrical items manufacturer in Mumbai
5 Income Tax rules introduced in 2023 that will impact you this year 5 Income Tax rules introduced in 2023 that will impact you this year
Received Income Tax 'notice'? I-T dept issues explanation, says taxpayers must respond to the 'communication on priority' Received Income Tax 'notice'? I-T dept issues explanation, says taxpayers must respond to the 'communication on priority'

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x