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Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not. ....
An individual can take advantage of income tax department s pay later feature to first file his income tax return (ITR) and pay the self-assessment (if any) at a later date. However this option comes with its owk risks like possible consideration of assessee in default, interest, etc. ....
If you have an net taxable income below Rs 5 lakh, then you are eligible for income tax rebate u/s 87A which will essentially make your tax liability nil. Nonetheless you should file ITR because every person whose income is above the basic exemption limit is mandated to do so. ....