Business Description

If any person who has furnished return of income under section 139(1) or in response to a notice issued under section 142(1), 143(2) or 148 and has paid tax as per such return, is entitled to refund of any tax paid by him, he may file a claim for refund in the prescribed manner. The claim for refund shall be made within a period of one year from the end of the financial year in which the tax was paid. No interest shall be payable on refund of tax.In reality, non-government organisations benefit greatly from Section 80g. Individual exceptions, which let people exclude a specific portion of their income from taxation, are the most popular type of tax exemptions. To reduce one's taxable income to zero, one can combine these exceptions with typical refunds and other tax advantages. Income tax exemptions also operate as a motivator for investments by allowing taxpayers who purchase certain goods or services to avoid paying income taxes while they are actually retained as assets.

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