The Chhattisgarh

Tag: Income Tax Return

  • ITR Refund: Who Will Receive Faster Refund Among ITR-1, ITR-2, and ITR-3? How To Check ITR Refund Status |

    New Delhi: Waiting for your Income Tax Return (ITR) refund? Good news- most of the taxpayers who have submitted their income tax returns (ITR) for the fiscal year 2023-24 (assessment year 2024-25) are likely to get the refunds as soon as possible.

    Many individuals have filed the ITR via three forms which include ITR-1, ITR-2 or ITR-3 for the fiscal year 2023-2024 but the question is who will get the refund faster? 

    This article delves into the criteria determining quicker refunds, highlighting who stands to benefit from the expedited process. It is important to note that your tax refund can only be issued once the Income Tax Department processes your verified ITR. 

    What Is ITR-1, ITR-2 & ITR-3? 

    ITR-1 Form: The ITR-1 form is for Ordinary Resident (ROR) individuals with a total income of up to Rs 50 lakh. This includes income from salary, income from single house property, and other sources like bank interest, dividends, and agricultural income up to Rs 5,000.

    ITR-2 Form: This form applies to individuals or Hindu Undivided Families (HUFs) who do not earn income from “Profits and Gains of Business or Profession” and are ineligible to file ITR-1.

    ITR-3 Form: The ITR-3 form is intended for individuals and HUFs engaged in business or professional activities, where maintaining detailed books of accounts is required. This includes professionals such as chartered accountants, doctors, lawyers, and engineers whose income is derived from actual profits.

    Notably, ITR-1 refund claims are processed more swiftly than those for ITR-2 and ITR-3, thanks to the straightforward income details in ITR-1 compared to the more complex information required in the other forms.

    How To Check Refund Status From Income Tax e-Filing Portal 

    Step 1: Open the official income tax e-filing website.

    Step 2: Log in using your PAN details.

    Step 3: After logging in, navigate to the ‘My Account’ section.

    Step 4: Within this section, find and click on the “Refund/Demand Status” button.

    Step 5: View the status of your refund or demand as displayed on the screen.

  • Income Tax Return: Your income tax return has not come, money may be stuck due to these reasons

    Income Tax Return 2023

    Income Tax Return: The Income Tax Department had fixed July 31 as the last date for filing income tax returns for employed people. Those who have filed their returns. Their money has started coming back. In this financial year, the department has given refund of Rs 1.50 lakh crore till October 9.

    Income Tax Return Filing

    Income Tax ReturnHowever, according to the information given by the Income Tax Department, till now the returns of 35 lakh people are pending due to minor problems. Central Board of Direct Taxes (CBDT)CBDT) Chairman Nitin Gupta said that there is a minor error in the information given by the people filing ITR whose return is pending due to incorrect bank information.

    Income Tax Return

    Income Tax Return: After paying income tax, it is necessary to do its e-verification. The Income Tax Department gives 120 days time for this work. A large number of people have filed income tax. But, its e-verification was not done.

    Income Tax Return

    Income Tax Return: Income Tax Department is asking some questions from tax payers regarding returns. This information is being sought from them through e-mail or phone message. Those who are not answering the questions of the Income Tax Department. Their money is getting stuck.

    income tax

    Income Tax Return: Due to lack of verification of bank account, one is also facing problems. Many people have put old details of their bank accounts in the returns. In this, either the information about their account is wrong or the IFSC code is wrong.

    Income Tax.

    According to the Central Board of Direct Taxes (CBDT), 7.27 crore ITRs have been filed this year. At the same time, 7.5 crore income tax returns were filed in the financial year 2022-23. In such a situation, it is expected that more returns will be filed in the current financial year than the previous financial year.

    income tax

    In the current financial year, till October 9, net direct tax collection has increased by 21.82 percent to Rs 9.57 lakh crore. The Finance Ministry gave this information. Net direct tax collections have increased mainly due to better contribution from companies and individual taxpayers. With this, the net collection has become 52.5 percent of the full year Budget Estimate (BE) of Rs 18.23 lakh crore.