Tax Refund News

Money

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 2025
News

Cash 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 2025
Money

Getting 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 2025
Money

Paid 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 2025
Opinion

India’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 2025
Money

Challenges 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 2025
Opinion

Ajit 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 2025
Money

How 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 2025
Money

Income 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 2024
Economy

Income 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 2024

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