While many taxpayers who filed their returns at the last minute received their refunds quickly, some who filed earlier are still waiting. The article explains the reasons behind these delays, including the complexity of the ITR form, data discrepancies, and the statutory timeline for processing. It also outlines the interest rate taxpayers are entitled to if their refund is delayed.
The Indian Ministry of Finance announced that over 7.28 crore income tax returns (ITRs) were filed for the financial year 2023-24, marking a 7.5% increase from the previous year. Taxpayers are reminded to verify their unverified returns within 30 days of filing, while those who missed the deadline can still claim a refund for up to six assessment years under specific conditions. Expert Balwant Jain clarifies aspects of income tax refunds, including eligibility, processing time, potential for adjustments, and how to address any discrepancies.
Plaza 66, a renowned luxury mall in Shanghai, has launched a new ‘BUY & TAX REFUND’ service for offshore tourists. This service offers immediate cash refunds on eligible purchases, providing a convenient and rewarding shopping experience.
Controversial tax refund firms are taking hundreds of pounds worth of HMRC rebates from households by helping to claim them, experts warn. The unregulated firms are controversial because they take a slice of cash owed to people when they could easily claim back the tax for free. Some firms use tax calculators to collect personal information, which once on file can be used indefinitely to make claims. Experts warn that people can unwittingly start a claims process when using these tools without knowing it.
April 15 was tax filing day for many taxpayers. If you haven’t received your refund yet, use the IRS refund tracker to check the status. It takes at least 24 hours to track an online return or four weeks if you mailed your return. Factors that can affect refund delivery include errors, additional review, corrections needed for the return, and variations in processing times.
Getting a tax refund can be a financial boost, but it’s crucial to prioritize your spending for long-term success. Consider using your refund to save, pay off high-interest debt, or invest for the future. Create a budget to track your expenses and align with your financial goals. Avoid splurging and focus on making informed decisions.
