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If the partner of a firm only earns income from the firm as a share in the profits and not by any other means such as interest, bonus, salary, remuneration, or commission etc. then such an Individual or Hindu Undivided Family should file Income Tax Returns using only the ITR-3 Form, and not the ITR-2 Form.
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.
Taxpayers have also reported that the process of e-verification shortens the time taken for processing of the return and issue of refund. [citation needed] Pre-filled ITR: As part of efforts to popularise the electronic mode of filing Income Tax Returns (ITRs), the CBDT is planning to provide “pre-filled” return forms to filers which will ...
Today, taxpayers have a variety of user-friendly options at their disposal, offering real-time updates and clear insights into the refund process. Here is a guide on how you can track your tax refund.
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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.
In the case of online applications, these documents need to be sent over mail (post/courier) to NSDL - TAN Application division. When NSDL receives the TAN application along with said documents (either through TIN FC / Online), the details are verified and then sent to the Income Tax Department. Once approved, the Department allocates a unique ...
Using the IRS2Go app, filers can check their refund status, make a tax payment and get free tax help. You can also use the app to follow the IRS on social media platforms and sign up to receive ...