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HomePersonal FinanceThe last date for ITR filing is approaching, must read this notice...

The last date for ITR filing is approaching, must read this notice of the tax department before the deadline.

ITR Filing: If you have not filed the Income Tax Return intentionally or without any reason and the tax department comes to know that you have not filed ITR even after the tax is prepared, then you will have to pay a penalty.

Indicative picture of ITR filing

The last date for filing Income Tax Return (ITR) is approaching. Before this deadline, the tax department has issued a notice to the taxpayers. This is a kind of reminder process in which it has been told that do not wait for the last date 31 December and settle the work of ITR filing today. In the notice, the tax department says that the earlier the work of ITR filing is completed, the better.

The tax department cautions the taxpayers for itr filing through many different means. It is also written in the notice that if you have filed income tax return, then it does not matter. But those who have not done this important work, they should do it on priority basis. Reminders are being sent to taxpayers through messages, emails and other means on mobile. The tax department has also issued a tweet for filing returns for the financial year 2021-2022.

It is written in the tweet, Employer (Company) Attention. Please remind your employees to file their ITR for the financial year 2021-2022. The due date for filing ITR for assessment year 2021-2022 is December 31, 2021. Remind your employees today. Don’t wait till the last date. This year’s income tax return will be filed for assessment year 2021-22 or financial year 2020-21. This year ITR is applicable for income between April 1, 2020 and March 31, 2021.

Refund issued to those who filled ITR

With this, many people have filed their ITR and many people are handling this work. Those who have filed ITR, the work of ITR refund is also going on. The Income Tax Department has so far returned Rs 1.23 lakh crore as refund to the taxpayers in the current financial year. The Income Tax Department has said that this amount also includes refunds made to 75.75 lakh taxpayers under the tax assessment year 2021-22. Rs 15,998.31 crore has been refunded to them.

The Tax Department said in a tweet that the Central Board of Direct Taxes (CBDT) has returned Rs 1,23,667 crore to taxpayers from April 1, 2021 to November 22, 2021. The Tax Department has said that CBDT has issued refunds to more than 1.11 crore taxpayers during this period. Of this, Rs 41,649 crore has been refunded to 1.08 crore individual taxpayers while Rs 82,018 crore has been refunded to the corporate sector.

What happens if ITR is not filed

If you have not filed the income tax return intentionally or without any reason and the tax department comes to know that you have not filed the ITR even after making the tax, then you will have to pay a penalty. If you have not filed ITR by mistake, then the penalty amount will be 50% of the total tax liability. If it is not filed intentionally then it will be 200 percent. You will have to pay this penalty on top of the tax liability. There may be some other financial action as well. The only way to avoid this is to file tax returns on time and be rest assured.

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