The income tax department has issued a reminder to taxpayers. Taxpayers, whose cases are under scrutiny, must complete the process by March 31, 2022. The tax department has asked taxpayers to timely comply with notices issued by it.
“Gentle reminder to taxpayers whose cases are under scrutiny, to be completed by 31.03.2022!” Income Tax India tweeted.
“Pl ensure timely compliance with notices issued by ITD calling for information/details. Failure to comply with the notice may result in Best Judgment assessment based on material on record,” the tax department tweeted.
Central Board of Direct Taxes (CBDT) issued refunds of more than Rs. 1,83,579 crores to more than 2.09 crore taxpayers, Income Tax India tweeted.
Income tax refunds of Rs 65,938 crore have been issued in 2,07,27,503 cases and corporate tax refunds of Rs 1,17,641 crore have been issued in 2,30,566 cases, according to the tax department.
Those who have filed returns are advised to check on the tax compliance portal whether there is any notice issued by the department against them. In case there is any tax notice for you, then you need to reply to this notice by March 31, 2022, otherwise the department will do the best judgment assessment on the papers available to them.
On what could be the outcome if a taxpayer fails to meet the deadline of this income tax compliance, Balwant Jain said, “Failing to meet the deadline of this compliance may lead to additional tax outgo or lower income tax refund amount.”
Top 4 ways to save tax for salaried persons
This is the last chance for taxpayers to avail tax benefits under various sections. A lot of investors tend to postpone their income tax planning to the last minute.
In case you have not planned tax saving investments till now, then do it at the earliest and avoid common investment mistakes.
ITR REFUND STATUS CHECK
Taxpayers can check Tax refund status online at
https://tin.tin.nsdl.com/oltas/refund-status-pan.html
Taxpayers can view the status of refund 10 days after their refund has been sent by the Assessing Officer.
income Taxpayers need to enter Permanent Account Number (PAN) and select the assessment year for which the ITR has been filed.
income Taxpayers, please note that ‘Refund paid’ status is also being reflected in the ‘Tax Credit Statements’ in Form 26AS.
Published By – Damandeep Singh
Edited By-Subbuthai Padma
