Taxpayer Alert: Important Refund Warning from the IT Department

Taxpayer Alert: Important Refund Warning from the IT Department

In this video, we discuss the latest warning from the IT Department regarding taxpayer refunds. Stay informed and protect your hard-earned money by understanding the crucial guidelines and avoiding common pitfalls. Whether you're filing for the first time or a seasoned taxpayer, this information is essential for ensuring a smooth refund process.

The IT department has issued important warnings to the income tax payers.
It suggests not showing bogus expenses, understating income and not overstating tax deductions in filing income tax returns.
It is clear that it is a punishable offense and such actions will delay refunds.
The deadline for ITR filing for assessment year 2024-25 is July 31.
According to the Income Tax Department, Central Board of Direct Taxes (CBDT), over five crore ITRs have been filed till July 26.
The IT department said that if there are objections in the filing, the response should be given in the ITR portal, and there will be an option in the pending action worklist section.
Recently, the Center has proposed in the budget that the deadline for refunds will be extended from 30 days to 60 days.
But CBDT Chairman Ravi Agarwal said that cases of delay are very few.
He said that the process of reviewing ITRs will be completed within 30 days.
Additional information may be required only in certain cases.
Only then refunds will be delayed.
The government has extended it to 60 days only for convenience.
It is in this order that the IT Department has suggested that returns without errors and mistakes should be submitted so that the refunds can be received on time.

📌 Topics Covered:

Key points from the IT Department's warning
Common mistakes to avoid
How to ensure a timely refund
Important deadlines and requirements
Tips for safeguarding your personal information

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