Income tax

Income tax refund within 15 days? It is possible

“In order to claim a tax refund, it is imperative for a taxpayer to furnish his/her tax return. Post filing & verification of a tax return by a taxpayer, the said ITR is processed by the tax department and an intimation is sent to the taxpayer on completion of processing. The purpose of such intimation is to inform the taxpayer of acceptance of his/her returned income/ taxes or highlighting any discrepancy(s) which requires an appropriate action from the taxpayer to make necessary rectifications (if any) in his/her tax return or to provide any additional information/ document(s) for concluding the final processing,”

Akhil Chandna
Director, Grant Thornton India LLP

This article appeared in Financial Express on 22nd August, 2018.