An income tax refund is not free money
2 years, 4 months ago

An income tax refund is not free money

Live Mint  

A total of 58.3 million income tax returns have been filed in assessment year 2022-23 up to 31 July. In fact, a press release put out by the ministry of finance on 1 August pointed out: “The e-filing portal…set… benchmarks on 31st July, 2022 including - highest per second rate of ITR filing: 570, highest per minute rate of ITR filing: 9,573, and the highest per hour rate of ITR filing: 5,17,030, between 5 PM to 6 PM.” These records tell us several things. Similarly, from the end of the financial year in March to end July, there is more than enough time to file the income tax return. This also stems from the fact that in many cases people have very little understanding of how the income tax system works in their specific cases.

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History of this topic

Individuals, firms find wait for tax refunds is shorter: Survey
1 year, 1 month ago

Individuals, firms find wait for tax refunds is shorter: Survey

Live Mint  

New Delhi: Most of the individuals and firms find it convenient to claim income tax refunds and face shorter waiting periods for receiving the same, showed a private survey of over 3,500 respondents. The survey results presented to finance minister Nirmala Sitharaman on Wednesday showed that 87% of the individual respondents and 89% of the firms felt claiming income tax …

How to do your taxes in 2023 (and get your refund fast)
1 year, 9 months ago

How to do your taxes in 2023 (and get your refund fast)

CBS News  

We may receive commissions from some links to products on this page. We found the best online tax filing options, including IRS Free File and TurboTax, that should work for just about every and any kind of taxpayer. And it doesn't matter if you're reporting unemployment income or capital gains; if you meet the program's income eligibility, then IRS Free …

Haven't Received Income Tax Refund Yet? Step-by-Step Process to Track ITR Refund Status Online
2 years, 4 months ago

Haven't Received Income Tax Refund Yet? Step-by-Step Process to Track ITR Refund Status Online

News 18  

Taxpayers often end up paying an excess amount to the Income Tax Department due to various reasons. Even employers deduct more income tax for salaried employees at times due to wrong calculations or lack of proof of savings under various sections of the Income Tax Act. The Income Tax Act, 1961 states under sections 237 to 245, that tax refunds …

Income tax alert: Taxpayers must complete this process now
2 years, 9 months ago

Income tax alert: Taxpayers must complete this process now

India Today  

The income tax department has issued a reminder to taxpayers. Failure to comply with the notice may result in Best Judgment assessment based on material on record," the tax department tweeted. — Income Tax India March 9, 2022 Central Board of Direct Taxes issued refunds of more than Rs. 1,83,579 crore to more than 2.09 crore taxpayers, Income Tax India …

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