Stay updated with breaking news from Electronic Verification Code. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
US & Canada News News: NRIs note: The Central Board of Direct Taxes (CBDT) recently revised the procedure, rules, and format for obtaining TDS certificates, issuing a circul
Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal.
Those who filed their ITR before July 31 can verify it without any penalty. However, if they fail to verify the ITR, it will be rejected and they will have to file a fresh ITR with a late fee of up to Rs 5,000.
Last year, the Central Board of Direct Taxes (CBDT) decreased the ITR verification time restriction from 120 days to 30 days from the date of return submission in order to speed up this procedure. The change came into effect from August 1, 2022.
A common reason for not receiving refunds promptly is incorrect or incomplete information in the ITR form