When do you become eligible for an income tax refund?
2 years, 8 months ago

When do you become eligible for an income tax refund?

Live Mint  

A mismatch between the tax amount paid and the actual payable amount results in an income tax refund. Tax refunds are available under income tax and other direct tax legislation when the amount of tax paid by a person exceeds the amount on which he or she is legitimately taxable. The IT refund banker accepts orders for income tax refunds that are generated and sent by the IT authorities whenever any tax reimbursement arises during the processing of ITRs. If the refund payment is delayed, the Income Tax Department is liable to pay interest at a rate of 6 percent under Section 244A of the Income Tax Act.

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History of this topic

ITR refund pending? Tax dept legally has time until 2025 to process it
3 months, 3 weeks ago

ITR refund pending? Tax dept legally has time until 2025 to process it

Business Standard  

The Income Tax Department is processing millions of returns – a task that can take until the end of 2025 to complete for some taxpayers. If the refund is delayed beyond these periods, the taxpayer is entitled to receive interest on the refund amount as per Section 244A of the Income Tax Act,” he said. Interest on Income Tax refund …

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing
1 year, 3 months ago

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing

The Hindu  

The Income Tax department on Saturday asked taxpayers to respond to its intimation regarding outstanding demands of previous years to facilitate faster clearance of refunds for the 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T Department regarding past unsettled tax demands, the department, in a post on ‘X’ said, this is a taxpayer-friendly …

Average income tax return processing time reduced to 10 days. Details here
1 year, 3 months ago

Average income tax return processing time reduced to 10 days. Details here

Live Mint  

The average processing time for Income Tax Returns has significantly improved over the years as reported on the CNBCTV18 site. This is a remarkable improvement compared to the 82-day processing time in the Assessment Year 2019-20 and the 16-day processing time in the Assessment Year 2022-23. As per the Department's statement, out of the 6 crore 98 lakh ITRs filed …

CBDT processed 88 per cent ITR, refunds over Rs 2.45 crore issued till September 5
1 year, 3 months ago

CBDT processed 88 per cent ITR, refunds over Rs 2.45 crore issued till September 5

Firstpost  

“More than 6 crore ITRs of AY 2023-24 have been processed out of the verified ITRs as on September 5, resulting in processing of over 88% of the verified ITRs” CBDT said in a statement. The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns, bringing down the average processing time …

ITR filing: The intricacies of an income tax refund that taxpayers must be aware of
1 year, 4 months ago

ITR filing: The intricacies of an income tax refund that taxpayers must be aware of

Live Mint  

Not many days are left for taxpayers looking to file their income tax returns. When taxpayers’ total tax payments exceed their tax liability, they become eligible for an income tax refund, including taxes like Tax Deducted at Source, Tax Collected at Source, and Advance Tax paid by the taxpayers. The interest earned on an income tax refund is categorized as …

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 …

ITR Refund: Filed ITR? Know How to Check Refund Status, When You Will Get It
2 years, 4 months ago

ITR Refund: Filed ITR? Know How to Check Refund Status, When You Will Get It

News 18  

ITR Refund AY 2022-23: The due date to file income tax return, or ITR for AY 2022-23, has ended on July 31. Those who have filed their ITR for AY 2022-23 on time will now wait for their income tax refunds, which is issued to taxpayers only when they pay higher taxes than the actual liabilities. The income tax department …

ITR refund: 5 income tax rules you should know
2 years, 4 months ago

ITR refund: 5 income tax rules you should know

Live Mint  

ITR refund: Due date for income tax return filing for AY 2022-223 is gone and those who have filed their I-T return on or before 31st July 2022, have either got their ITR refund or they are waiting for their ITR refund. Speaking on the income tax rules in regard to ITR refund, Mumbai-based tax and investment expert Balwant Jain …

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details
2 years, 4 months ago

ITR Filing AY 2022-23: Rs 5,000 Penalty if you Miss Income Tax FY22 Deadline; Know Details

News 18  

ITR Filing for AY22-23: Tax season is almost coming to an end with the deadline to file income tax returns ending this week on July 31, which is this Sunday. Over 3.4 crore ITRs filed till 26th July, 2022 & about 30 lakh ITRs filed on 26th July, 2022 itself.The due date to file ITR for AY 2022-23 is 31st …

Tax refund: I-T Department asks taxpayers to send online response for AY 20-21
3 years, 3 months ago

Tax refund: I-T Department asks taxpayers to send online response for AY 20-21

Live Mint  

The Income Tax Department has urged taxpayers to "respond online quickly" so that their pending refunds for assessment year 2020-21 can be processed expeditiously. In order to resolve pending refunds of assessment year 2020-21, the income tax department is in the process of communicating with taxpayers, where response from taxpayers would be required in cases involving notices "for prima facie …

Received income tax refund without interest? You might be missing this eligibility
3 years, 6 months ago

Received income tax refund without interest? You might be missing this eligibility

Live Mint  

If a taxpayer receives income tax refund without interest, then the taxpayer is advised to first check about the income tax refund amount and the actual income tax outgo. If the income tax refund amount is more than 10 per cent, then only one should lodge complaint about the non-payment of the income tax refund interest. Speaking on the income …

Here is How to Check Income Tax Refund Status at incometaxindiaefiling.gov.in
3 years, 11 months ago

Here is How to Check Income Tax Refund Status at incometaxindiaefiling.gov.in

News 18  

Income tax return is filed for claiming any excess amount that was deducted as tax in a financial year. Tax is levied on people whose annual income exceeds Rs 5 lakh after claiming eligible deductions and tax exemptions. If they file income tax refund after the due date, they will be levied Rs 1,000 as penalty. Those who have filed …

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