Income Tax Alert: Taxpayers Must Complete This Compliance By March 31

This reminder is regarding those taxpayers, whose cases are under scrutiny and need to complete the process by March 31, 2022

New Delhi: March is important for taxpayers because individuals have to meet crucial deadlines regarding money matters. Since we have entered the last month of the existing financial year 2021-22, the income tax department has issued a reminder to taxpayers.

This reminder is regarding those taxpayers, whose cases are under scrutiny and need to complete the process by March 31, 2022. The tax department has asked taxpayers to timely comply with notices issued by it.

In a tweet, the income tax department said, "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."

Central Board of Direct Taxes (CBDT) issued refunds of more than Rs. 1,83,579 crore to more than 2.09 crore taxpayers, Income Tax India tweeted.

Income tax refunds of Rs 65,938 crore have been issued in 2,07,27,503 cases and corporate tax refunds of Rs 1,17,641 crore have been issued in 2,30,566 cases, according to the tax department.

Those who have filed returns are advised to check on the income tax compliance portal whether there is any notice issued by the department against them. In case there is any income tax notice for you, then you need to reply to this notice by March 31, 2022 otherwise the department will do the best judgment assessment on the papers available to them.

This is the last chance for taxpayers to avail tax benefits under various sections. A lot of investors tend to postpone their income tax planning to the last minute.  In case you have not planned tax-saving investments till now, then do it at the earliest and avoid common investment mistakes.