Income Tax Return Latest News: The income tax department has asserted that it has issued refunds of over Rs 1.48 lakh crore to more than 1.02 crore taxpayers till December 14. Of this, personal income tax refunds worth Rs 45,264 crore and corporate tax refunds of Rs 1.03 lakh crore have been issued.
In a tweet, the I-T department said, “Central Board of Direct Taxes (CBDT) issues refunds of over Rs 1,48,274 crore to more than 1.02 crore taxpayers between April 1, 2020, to December 14, 2020. Income tax refunds of Rs 45,264 crore have been issued in 1,00,02,982 cases and corporate tax refunds of Rs 1,03,010 crore have been issued in 2,00,854 cases,” the department said in a tweet.
Earlier, in the wake of the coronavirus pandemic, the CBDT, an administrative authority for the tax department had extended the last date for filing ITR for FY 2019-20 to December 31. Normally, the taxpayers are supposed to file ITR by July 31.
Preparation to file ITR
An individual is not required to submit any documents while filing an income tax return. However, there are several documents that are required to finalize tax returns. Here is a list of such documents.
Fill and File ITR
After ITR filing
While processing your ITR, if the assessing officer finds that you have paid less tax than what he has calculated, you will be served with an outstanding tax demand notice.
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The Covid-19 active caseload remained below four lakh for the 10th consecutive day. There are 3,32,002 active coronavirus infections in the country which constitute 3.34% of the total caseload.
India’s Covid-19 tally had crossed the 20-lakh mark on August 7, 30 lakh on August 23, and 40 lakh on September 5. It went past 50 lakh on September 16, 60 lakh on September 28, 70 lakh on October 11, 80 lakh on October 29, and 90 lakh on November 20.
According to the Indian Council of Medical Research (ICMR), 15,66,46,280 samples have been tested up to December 15, of which 10,85,625 were conducted on Tuesday.