The dynamic annual information statement can cause a mismatch in data, even after returns are filed. To avoid delay in processing or refund, check your AIS, submit a feedback based on whether the expenses or taxes mentioned are valid or not.
Facing TDS even on tiny dividend payouts? Here’s what you must do
Claiming TDS refund is a tedious process if you haven’t yet got your TDS certificate. COVID-19 has led to delays in companies filing information in Form 26AS December 23, 2020 / 09:49 AM IST
Many taxpayers have complained of late that their dividends below Rs 5,000 have been subjected to Tax Deduction at Source (TDS). As per income-tax rules, companies deduct a 10 percent TDS for dividends of more than Rs 5,000 in a financial year. The entire dividend amount is taxable at your slab rate. Due to COVID-19, the TDS has been relaxed to 7.5 percent for the current financial year. If you don’t have a Permanent Account Number (PAN), then the TDS rate is steeper, at 20 percent.
Filed income tax returns months ago and still await refunds? Here’s what you must do
Checking the status of your returns on the tax-filing portal helps December 21, 2020 / 09:51 AM IST
With the outbreak of COVID-19, the tax calendar for the year too has deviated from the normal course. Though the tax-filing deadline has been moved to December 31, 2020, the non-receipt of tax refunds is worrying those who filed their returns way back in June-July 2020. To be sure, you are entitled to income-tax refunds within days – at most months – after you file your returns.
As per the last communication from Central Board of Direct Taxes, refunds worth Rs 45,274 crore of a little over 1 crore individual taxpayers have been issued during the current financial year, as on December 14, 2020. This leads to an average refund of Rs 45,260 per person.