I-T department between April 1 and August 25, 2020, had issued refunds of over Rs 95,853 crore
The refunds of over Rs 47,318 crores would be issued to more than 22.61 lakh taxpayers between April 1, 2021, and August 9, 2021
The buoyancy in the tax mop-up is attributed to the “overheated market.”
Some taxpayers complained that interest and late fee was charged while filing income tax return (ITR) after July 31, 2021
A total of 77 individuals had disclosed a gross total income of more than Rs 100 crore (one billion rupees) in a year in the income tax return filed
All the taxpayers must maintain all the necessary supporting documents to justify the transactions in case of any IT notice being served
The CBDT has also decided to extend the due dates for electronic filing of forms related to intimation by pension funds and sovereign wealth funds
Aadhaar PAN Linking News: The government has extended the deadline to link PAN with the Aadhaar card till September 30, 2021
This year, some tax professionals apprehend, the dates have to be extended thanks to the glitches of the new revamped IT portal
Goods and Services Tax (GST) collection in July 2020 was Rs 87,422 crore, Sequentially, it was Rs 92,849 crore in June this year.
