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# refund

12 posts in `refund` tag

Income Tax Department Update: Revised ITR Forms to Enable the 87A Tax Rebate for FY 2023–2024

An amendment from the Income Tax Department permits taxpayers to file amended or late ITRs in order to receive the 87A tax refund for FY 2023–2024. This action, which complies with an order from the Bombay High Court, provides relief to qualifying taxpayers who make ₹5,00,000 or less a year. The distinctions between the rebate limitations under the previous and current tax regimes are also highlighted in the update. Discover how to make your rebate claim and make sure you're in compliance with this updated framework.

Understanding Section 139(5) of the Income Tax Act: A Comprehensive Guide

A thorough explanation of Section 139(5) of the Income Tax Act can be found in this blog post. It describes what a defective return is, how to fix a defective return, and the possible repercussions of filing a defective return. Taxpayers can guarantee compliance with income tax legislation and prevent penalties by being aware of Section 139(5).
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GST

2024: Managing GST Refund Requests: A Comprehensive Guide for Companies

This article offers a thorough overview of managing GST refund requests in 2024, including information on the revised procedures, qualifying standards, required paperwork, and filing guidelines. It also discusses typical errors and difficulties that companies go into while submitting GST refund claims. Keep yourself updated on significant developments to guarantee effective cash flow and tax law compliance.

RBI Mandate: LEI for Refunds Exceeding Rs. 50 Crore

For refunds above Rs. 50 crore, non-individual entities such as businesses, partnerships, and trusts are required by the Reserve Bank of India (RBI) to get a Legal Entity Identifier (LEI). The objectives of this action are to improve worldwide compliance, risk management, and financial transparency. Financial firms and regulators may track significant financial transactions with the use of the LEI, a 20-character alphanumeric number. The RBI's announcement, how to get an LEI, and how it affects non-individual companies are all explained in this blog.

Missing or Delayed Income Tax Refund

Are you waiting for your income tax refund and discovering that it has been lost or is delayed? You're not by yourself. This article examines typical causes of delays, including as audits and mistakes on tax returns, and offers professional advice on how to have the problem resolved as soon as possible. Additionally, you'll discover how to avoid delays in the future and obtain your return as soon as possible.

CBDT's Relaxation of TDS/TCS Provisions

The Central Board of Direct Taxes (CBDT) has introduced a relaxation in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions for cases where the deductee or collectee has passed away before linking their Permanent Account Number (PAN) with Aadhaar. This relaxation provides relief to family members and heirs of deceased taxpayers who may be facing difficulties in obtaining the refund of excess TDS or TCS deducted or collected. In this blog, we will delve into the details of this relaxation and its implications on taxpayers.
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GST

Understanding Section 122(1) of the GST Act: A Complete Guide

This blog provides a detailed analysis of Section 122(1) of the GST Act, outlining the various offenses and penalties related to GST in India. It covers supply-related offenses, tax evasion, and non-compliance, as well as registration and documentation-related offenses.

Check Income Tax Refund Status Using PAN Card

This blog post walks you through the process of utilizing your PAN card to check the status of your income tax refund online. Discover how to keep track of the status of your refund and receive tax refund updates.

Post Income Tax Return Submission Checklist

This blog outlines a comprehensive to-do list for taxpayers after filing their income tax returns. It covers key steps like verification, recordkeeping, refund tracking, tax analysis, responding to notices, and staying informed.

Filing a Nil Return: Is It Necessary If Your Income Is Below the Basic Exemption Limit?

Filing income tax returns can be a daunting task, especially when your income is below the basic exemption limit. Many people wonder if filing a Nil Return is necessary in such cases. This blog explores the concept of Nil Returns, the significance of the basic exemption limit, and the benefits of filing a return even when there's no tax liability. From claiming refunds to maintaining financial records, discover why filing a Nil Return with MyITRonline is a smart choice for financial peace of mind.

File ITR for AY 2024-2025 to Claim TDS Refund and Save Big on Income Tax

Filing your Income Tax Return (ITR) for the Assessment Year (AY) 2024-2025 is essential for claiming TDS refunds and saving on income tax through various deductions and exemptions. This blog provides a step-by-step guide on the importance of filing ITR, the process involved, key deductions available, benefits of timely filing, and the consequences of non-compliance. Ensure you follow these steps to manage your tax liabilities efficiently and enjoy a hassle-free financial year.

Unlocking Your Tax Refund: The Crucial Role of Bank Account Validation

This comprehensive blog delves into the significance of bank account validation for taxpayers seeking their rightful tax refunds. It highlights the importance of accurate refund disbursement, fraud prevention, and compliance with regulations. The blog guides readers through the validation process and the potential consequences of failing to validate their bank account details.