Income Tax Dept has done two good things. One, he has credited the income tax refund amount in the accounts of the taxpayer. Secondly, the Income Tax Department has uploaded the Tax Audit Utility Form for the financial year 2019-20 and 2020-21 on its portal.
According to the CBDT, it has given Rs 1,02,952 crore as refund to 77.92 tax payers between April 1, 2021 and October 25, 2021. If your tax refund is also stuck, then you can check the account and find out whether the department has paid it or not. According to CBDT, income tax refund of Rs 27,965 crore has been sent in 76,21,956 cases while corporate tax refund of Rs 74,987 crore has been received in 1,70,424 cases.
On the other hand, if the sales, turnover or gross receipts of the business are more than Rs 10 crore in the financial year 2020-21 (assessment year 2021-22), then under the Income Tax Act, taxpayers are required to get their accounts audited. In case of professionals, the limit is Rs 50 lakh. For the financial year 2019-20, this limit is Rs 5 crore and Rs 50 lakh respectively.
The last date for filing tax audit report for the financial year 2020-21 is 15 January 2022. For the financial year 2019-20, it was to be filed by January 15, 2021, although companies can still file the revised audit report.