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In India, there is a provision of refund of excess tax along with interest. For claiming a refund one has to file the income tax return within a specified period. However, under Sections 237 and 119(2)(b) of the Income Tax Act, the Chief Commissioner or Commissioner of Income Tax are empowered to condone a delay in the claim of a refund. [15]
The Income Tax Act, 1961, and the Income Tax Rules, 1962, require citizens to file their tax returns with the Income Tax Department at the end of every financial year and this form is a part of the filing process as specified by the Government of India. The due date for filing return with the Income Tax Department of India is 31 July every year.
There was no change in the timeline for tax payment; however, if the deposit of Advance Tax is delayed, a reduced interest rate of 9 percent per annum, or 0.75 percent per month, [18] will be applicable instead of the current rate of 12 percent per annum, or 1 percent, for payment of all taxes falling between 20 March 2020 and 30 June 2020.
Generally, you can expect to receive your state tax refund within 30 days if you filed your tax return electronically. If you filed a paper tax return, it may take as many as 12 weeks for your ...
Here’s how to make sure you get your tax refund as quickly as possible. E-file and use direct deposit to avoid delays If you’re relying on your refund, file early and electronically, and use ...
The Income Tax Department is a leader in implementing Sevottam, [17] which is certification of quality of public service delivery in India. The term Sevottam comes from the Hindi words Seva and Uttam and supposedly means excellence in service delivery. It involves the identification of the services delivered to the citizens, quality of service ...
Union Government sets up Arbind Modi-led panel to overhaul, simplify income tax laws. On 22 November 2017, the government formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961. Arbind Modi, Member, Central Board of Direct Taxes (CBDT), will lead a six-member panel.
Occasionally, there may be situations where the tax return need not be filed, but is filed anyway to receive a tax refund. [4] The tax return is not necessarily the final calculation; it may be accepted or not accepted as correct by the government authority. [5] The time and effort involved in filing a tax return varies from country to country ...