Good news for taxpayers, Income Tax Department will refund the interest and late fees charged

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The Income Tax Department on Wednesday said it will refund the interest and late fee collected from taxpayers while filing returns for 2020-21 due to software glitches.

In order to provide compliance related relief to taxpayers during the pandemic, the last date for filing income tax returns for the previous financial year has been extended from July 31, 2021 to September 30, 2021. However, some taxpayers complained that interest and late fees were charged from them on income tax returns filed after July 31, 2021. Also Read: Personal Loan: Need personal loan for 5 years, lowest interest will have to be paid here

The department has written on Twitter that the ITR software has been corrected on August 1 to remove the error related to wrong calculation of interest under section 234A and late fee under section 234F of the Income Tax Act.  Also Read: How much cash can be withdrawn from ATM, know the limit of top banks

The Income Tax Department has written, Taxpayers have been advised to use the latest version of ITR software or file online. If, by any means, one has already submitted the ITR with such incorrect interest or late fee, the same will be correctly calculated while processing the CPC-ITR and the additional amount paid, if any, will be will be refunded.


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