Income tax notice for timely compliance, last date is March 31 –What is it? Check if it involves you

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Failure to comply with the Income Tax notice may result in Best Judgment assessment based on material on record

New Delhi: The Income tax department has been sending reminder to taxpayers whose cases are under scrutiny. The last date to comply with this is 31 March 2022!

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IT department has requested that those who fall under the scrutiny cases must 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, CBDT has said in a recent tweet.

Gentle reminder to taxpayers whose cases are under scrutiny,to be completed by 31.03.2022!
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.

— Income Tax India (@IncomeTaxIndia) March 9, 2022

As of last week (Thursday), the income tax department said it has issued refunds worth over Rs 1.86 lakh crore to more than 2.14 crore taxpayers so far this fiscal.

This includes 1.74 crore refunds of the 2020-21 fiscal ended March 31, 2021, amounting to Rs 35,296.86 crore.

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CBDT issues refunds of over Rs. 1,86,677 crore to more than 2.14 crore taxpayers from 1st Apr,2021 to 07th March,2022.

“Income tax refunds of Rs 67,442 crore have been issued in 2,11,76,025 cases & corporate tax refunds of Rs. 1,19,235 crore have been issued in 2,31,654 cases,” the I-T department tweeted.