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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.
Receiving a tax refund is one of the most anticipated events of the financial year. It is an opportunity to strengthen one's financial future. Read More: 6 Reasons Your Tax Refund Will Be Higher...
Most taxpayers receive their refunds within 21 days of filing. If you choose to have your refund deposited directly into your account, you may have to wait five days before you can gain access to it.
As per an analysis by the Revenue Department, 91.7% of tax filers (about 5.3 crore out of 5.78 crore tax filers) claimed a cumulative deduction (Sec 80 (C) + Sec 80 (D) + NPS + Loan Interest Repayment + Standard Deduction + others) of less than ₹2 lakh and less than 1 per cent of all tax filers (nearly 3.7 lakh) claimed deductions of over Rs ...
The IRS lists the following issues that might extend the tax refund processing time and delay your refund: Amended return refunds take about 16 weeks. You’re filing an injured spouse claim.
The Social Security tax is divided into 6.2% that is visible to employees (the "employee contribution") and 6.2% that is visible only to employers (the "employer's contribution"). For the years 2011 and 2012, the employee's contribution had been temporarily reduced to 4.2%, while the employer's portion remained at 6.2%, [ 38 ] but Congress ...