Tax Refund News
Filing Income Tax Return? Fake exemptions and deductions could get you into trouble, warns I-T dept amid crackdown
The Income Tax Department is now cracking down on individuals and entities that facilitate fraudulent deductions and exemption claims in their ITR filings. The department directed the individuals to file the correct particulars of their income and communication coordinates.
2 min read14 Jul 2025Cash windfall incoming? IRS tax refund to arrive this June, here's how much you will receive
An unexpected cash windfall is slated to come this June in the form of the IRS tax refund. Are you eligible this time?
2 min read7 Jun 2025Getting a refund of excess TDS on rent deposited by tenants is harder than it's supposed to be
TDS credit of only 2% is reflected in Form 26AS even though the tenants had deducted and deposited TDS of 5%. This appears to be due to a glitch in the TRACES utility
4 min read21 May 2025Paid 5% TDS on rent? This is how you can reclaim it. A step-by-step guide
Tenants are supposed to deduct TDS at the rate of 2 percent if the rent paid is more than ₹50,000 a month. Earlier the rate stood at 5 percent until September last year
1 min read28 Apr 2025India’s mop-up of direct taxes signals its economic strength
Improved tax administration and compliance played a role in India’s robust tax collection numbers, but we must ultimately thank the economy’s growth momentum. It offers India’s fiscal plans a crucial pillar of support.
3 min read3 Apr 2025Challenges in securing stay on tax demand undermine faceless assessment gains
Despite CBDT guidelines allowing a stay on tax demands after partial payment, taxpayers often struggle with delays and automatic refund adjustments. A digital overhaul and statutory time limits could bring much-needed efficiency and fairness to the process.
3 min read24 Feb 2025Ajit Ranade: The budget’s consumption stimulus will stand India in good stead
Together with fiscal prudence, it could keep the economy stable amid global headwinds that may worsen. This will be a year of dramatic policy shifts in the US.
4 min read2 Feb 2025How the upcoming budget can reduce pending tax appeals, ease financial burden on small taxpayers
Government efforts to reduce tax disputes for small taxpayers have not succeeded, with pending appeals increasing significantly. Experts suggest reforms, including personal hearings for complex cases, improved staffing, and stricter deadlines to expedite resolution.
7 min read20 Jan 2025Income tax refund stuck? Your bank account perhaps not validated. This is how you can fix it
Taxpayers must make sure that a validated bank account is there for receipt of funds, failing which the refund will get delayed, the Income Tax Department has said in a recent social media post.
1 min read26 Dec 2024Income tax: Refunds surge 46.31% to ₹3.08 lakh cr; 1.62 crore ITR filings processed in a day, says Finance Ministry
At its peak, the income tax return portal handled over 900 filings in a second and close to 70 lakh ITR filings a day, as tax refunds rose 46.32 per cent year-on-year.
1 min read12 Dec 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared