The amount of the income tax refund is equal to the excess tax paid, which is not taxable and cannot be considered income.

Income Tax Return: Under the new tax regime, the effective threshold may start from Rs 3 lakh for some, but mandatory filing applies if income crosses the exemption.

India's income tax system is about to enter a new era. The government is preparing to implement the Income Tax Act, 2025, ...

Finance Minister Nirmala Sitharaman has proposed to increase time limit for filing revised income tax return (ITR) from December 31 to March 31 with nominal fee.

This proposal is important as excess tax deduction at source (TDS) creates liquidity challenges for small taxpayers. They have to wait for refunds after filing their returns. For instance, a ...