ITR

Filing an incorrect or incomplete return can significantly delay refunds

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday. As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14. Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024. A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class. Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to "strong anti tax evasion and black money laws implemented by the Modi ...

Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders

An income tax refund occurs when a taxpayer has paid more tax than their actual liability

"It's possible that the delay in TDS deposits could have been from TCS's side, but it seems more likely to be a technical error," said a senior partner at a major consultancy firm

If your refund is delayed, the first thing you should do is check status on the Income Tax e-filing portal

Processing time varies due to factors like form type, complexity, number of deductions/exemptions

If a person fails to respond to such a notice on time, their return may be treated as invalid

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for AY 2024-25 in 15 days. Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024. About 4.98 crore ITRs (income tax returns) have already been processed by the tax department, and intimations sent to taxpayers. Of this, 3.92 crore ITRs were processed in less than 15 days. "We have made strides in digitisation...About 4 crore returns were processed within 15 days..," Malhotra said at the 165th Income Tax Day celebration. Malhotra said that in the last decade, the direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore. Also, the tax-to-GDP ratio has increased to 6 per cent from 5.6 per cent over this period.

If the taxpayer does not receive the refund in time, they should check for issues with their income tax return and review their email for any messages from the tax department about the refund

Before issuing a reassessment notice, the officer may conduct an inquiry by issuing a show cause notice (SCN) to the taxpayer, accompanied by information indicating the possibility of income escaping

A taxpayer can seek a refund for any extra tax amount paid or withheld in a particular fiscal year by filing their income tax returns for that year

Scammers are posing as tax officials and pressuring individuals to make urgent payments to avoid penalties

The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. The ITR filing season for assessment year 2024-25 will end on July 31 for all categories of taxpayers whose accounts are not supposed to be audited. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed, as of July 26. In a recent public communication, the Income Tax Department asked taxpayers to file their returns correctly to get timely refunds. "Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer)," it said. It cautioned ITR filing taxpayers to not claim "incorrect" Tax Deducted at So

The acknowledgment acts as an official receipt from the tax department, assuring taxpayers that their return has been successfully received

This year, a new facility has been introduced that allows you to file your ITR directly via WhatsApp

A minor can have a PAN card and his parents or guardian can apply for the same

ITR 2024: Even after someone passes away, their income tax return must be completed as if they were alive

Practice is illegal any may lead to heavy penalties, say tax experts