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The Central Board of Direct Taxes (CBDT) has issued income tax refunds of over 1.54 lakh crore ( 1.54 trillion) to more than 1.59 crore taxpayers between 1 April 2021 and 10 January 2022, the Income Tax (IT) department said on Wednesday.

Giving a break-up of this number, the IT department added in its tweet that refunds of 53,689 crore have been issued in 1.56 cases, while corporate tax refunds of about 1 lakh crore ( 1 trillion) have been issued in 2,21,976 cases.

“This includes 1.20 crore refunds of AY21-22 amounting to 23,406.28 crore," the IT department tweeted.

As of 7 pm, 31 December, over 5.78 crore income tax returns (ITRs) for AY 2021-22 have been filed, as per the data provided by the IT department. The IT department has extended the ITR filing deadline for taxpayers whose books of accounts need to be audited till 15 February. This extension is for AY 2021-22. Further ITR filing deadline for corporates has also been extended to 15 March 2022.

These deadlines were extended due to difficulties reported by the taxpayers and other stakeholders due to covid-19 and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), CBDT said in its official statement.

However, for other taxpayers, the deadline to file their tax returns was 31 December 2021. Those who missed the deadline can still file belated ITR until 31 March 2022 but they will be slapped with a penalty of 5,000 if their income exceeds 5 lakh. The late-filing penalty for income below 5 lakh is 1,000.

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