The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years.
The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,54,302 crore to more than 1.59 crore taxpayers from April 1 to January 10, the Income Tax Department said on Thursday.
"Income tax refunds of Rs 53,689 crore have been issued in 1,56,57,444 cases and corporate tax refunds of Rs 1,00,612 crore have been issued in 2,21,976 cases," the department tweeted.
"This includes 1.20 crore refunds of AY 2021-22 amounting to Rs. 23,406.28 crore", it said
On January 5, the department said it had issued refunds of over Rs 1.50 lakh crore so far this fiscal year. This includes 1.1 crore refunds of assessment year 2021-22 amounting to Rs 21,323.55 crore.
Of this, income tax refunds of Rs 51,194 crore have been issued in 1.46 crore cases and corporate tax refunds of Rs 99,213 crore have been issued in over 2.19 lakh cases.
Close to 5.8 crore income tax returns were filed as of December 31, the last date to file the I-T returns, and 46 lakh were filed on the last day alone on the new e-filing portal, said Infosys CEO Salil Parekh.
During the earnings call with mediapersons on January 12, Parekh added the software major is now working with the department on the next set of modules that need to be put together.
Also, for a certain section the government had extended the deadline for filing returns to March 2022. The deadline for filing individual tax returns was not extended.
The deadline to file income tax returns in audit cases, for assessment year 2021-22, has been extended till March 15, 2022, whereas, the last day for submitting tax audit reports has been pushed to February 15, 2022, the CBDT announced on January 11.
The decision comes against the backdrop of several chartered accountant associations demanding the government to extend the deadline, as they cited the COVID-19 impact and the glitches in the e-filing portal as the reasons behind the delay in submissions.
The deadline for filing tax audit reports was earlier fixed as January 15, 2022. For submissions to be made following the specified date, a penalty of 0.5 percent of the turnover, or a maximum of Rs 1.5 lakh, was to be imposed.