According to a Ministry of Finance announcement, as of the last deadline on July 31, more than 7.28 crore income tax returns (ITR) were filed for the fiscal year 2023–2024. When compared to the 6.77 crore returns submitted for the preceding fiscal year, 2022–2023—this represents a 7.5% rise. It is emphasized to taxpayers that they should confirm their unconfirmed income tax returns within 30 days of filing. Those who didn't make the deadline need to finish submitting as soon as they can.
 
Mumbai-based tax and investment specialist Balwant Jain talked about a number of topics related to income tax refunds under the Income Tax Act in an interview with Livemint. A taxpayer's eligibility for a tax refund depends on whether the taxes paid are greater than their tax burden. This covers advance tax, self-assessment tax, taxes collected at source (TCS), and taxes deducted at source (TDS). 

Only when the taxpayer has e-verified their return can the refund procedure start, and it usually takes 4-5 weeks from the date of verification for the taxpayer's account to be credited. Since refunds are promptly deposited to the taxpayer's bank account, Jain stressed how crucial it is to make sure that bank account credentials are accurately checked while completing the ITR.

Jain clarified that if specific requirements are satisfied, those who missed the July 31 deadline can still request a refund under circular no. 9/2015 for a maximum of six assessment years. The taxpayer must first request a delay forgiveness. If this is accepted, they can use the order granting the condonation as a reference when they complete their online income tax returns for the previous six years.
 
Jain also outlined circumstances in which reimbursements could be denied. Refunds may be deducted by the income tax authorities from any unpaid claims from prior years. They must, however, give taxpayers advance notice before implementing such changes, though this isn't usually done. Taxpayers can file a grievance by entering their account on the income tax website if they believe that their refund has been improperly modified. Taxpayers are not permitted to utilize refunds from prior years to pay taxes due for later years, even if the government may modify returns for prior claims.
 
 
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SIBY JEYYA

05/08/2024 04:30 AM