The amount of the income tax refund is equal to the excess tax paid, which is not taxable and cannot be considered income.

Income Tax Return: Under the new tax regime, the effective threshold may start from Rs 3 lakh for some, but mandatory filing applies if income crosses the exemption.

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

Income Tax Department has sped up the process of crediting ITR refunds to taxpayers accounts. These also include high-value refunds. Taxpayers can check the status of their refunds through the ...