Income Tax Refund

How To Claim Income Tax Refund

Income Tax - Earlier taxpayer has to visit many times in Income-tax office and has to sought help of professionals to get the refund but now due to advancement in technology and faster processing of returns taxpayers are getting income tax refunds faster....

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Income Tax Refund adjusted against Outstanding Demands- What to do? 

Income Tax - Guide to Follow When Income Tax Refund Gets Adjusted with Prior Outstanding Demands  Article explains Procedure of Filing an Appeal before Commissioner of Income Tax (Appeals), Orders Which Are Appealable by Assessee before Commissioner of Income-tax (Appeals), Fees For Filing Appeal Before CIT (Appeals) and Documents To Be Submitted for...

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How to Submit Response for Income Tax Refund Confirmation

Income Tax - For the Financial Year 2021-22, You may get email from Income tax department if there are any mismatch between details provided in your Income Tax return and 26AS / AIS. Following email is received by taxpayers – Your income-tax return has been identified under risk management process of the Income-Tax Department. In this context, y...

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Interest on Income Tax Refund

Income Tax - Many times it may happen that the taxpayer has paid excess tax as against the tax required to be paid by him. In such a case he is granted refund of the excess tax paid by him. In this part you can gain knowledge about various provisions relating to claim of refund of excess tax paid by the taxpayer....

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Section 234D- Interest on Excess Refund of Income Tax

Income Tax - Article discusses Interest under section 234D of Income TAx Act, 1961 on Excess refund granted to taxpayer which includes Manner of computation of interest U/s. 234D , Basic provisions related to Refund, Amount liable for interest and Adjustment under Section 234D(2). ...

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EOW cracked a major PAN India income tax refund scam

Income Tax - EOW cracked a major PAN India income tax refund scam being  operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arrested accused Neeraj Singla (28 years age), a resident of Faridabad, Haryana, on 09.09.2022 in connection with EOW PS Case No.15 dt.27.08.2022 U/s 420/467/468/471/120-B IPC/ Sec.66 IT Act. The arrested accused ...

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Representation – Challenges in Certain Income Tax Provisions

Income Tax - KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates and Delay in Tax Residency Certificates (TRC) with possible solutions to Principal Chief Commissioner of Income Tax, Karnataka & Goa. Da...

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Over 4.67 crore Income Tax Returns filed on new e-filing portal

Income Tax - Over 4.67 crore Income Tax Returns filed on new e-filing portal of Income Tax Department Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as on 27th December, 2021. More than 15.49 lakh ITRs were filed on 27.12.2021 and this number is likely to […]...

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RTI reveals CPC not maintains Statistical data of refunds, Grievances & ITR Processing

Income Tax - Smt. Julie has made an RTI to CPC of Income Tax Department and requested details of The number of pending refunds exceeding 90 lakhs, How much ITR not yet processed, How much time it will take to process the ITRs and issue the refunds and How much Grievances in relation to pending refunds which are […]...

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Income Tax CPC not maintains Statistical data of Pending Refunds

Income Tax - Pending Refunds – No Statistical Data maintained by Centralized Processing Centre (CPC), Income Tax Department The Centralized Processing Centre (CPC), Income Tax Department has informed that it does not maintain the statistical data pertaining to the ‘Refunds (pending to be released by the Assessing Officers’ as applica...

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Income Tax Refund: HC directs AO to give effect to ITAT & HC order 

MUFG Bank Ltd Vs ACIT (Delhi High Court) - Respondents have grossly failed in their duty in law in not passing the appeal effect orders and issuing refund as per Section 153(5) of the Act and their action of withholding the refund is ex facie contrary to and in contempt of Article 265 and 300A of the Constitution of India....

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Appeal effect order has to be passed within 3 months of passing of appeal order

KRBL Limited Vs DCIT (Delhi High Court) - In any event, in accordance with the mandate of law, the appeal effect order has to be passed within three months of passing of the appeal order....

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Interest on income tax refund not taxable in terms of India-Netherland DTAA

Koninklijke Philips N.V C/o Deloitte Touché Tohmatsu India Pvt. Ltd. Vs DCIT (ITAT Kolkata) - ITAT Kolkata held that interest on income tax refund is a ‘debt claim’ payable by the Revenue in terms of Article 12(3)(a) of the India-Italy Treaty and thus such interest is not taxable and no TDS ought to be done by the AO....

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Delayed refund order implementation causes loss to exchequer: HC

All India Personality Enhancement And Cultural Center For Scholars (Aipeccs) Society Vs DCIT (Delhi High Court) - It is strange that that the order dated 26th May, 2022, has not been implemented till date. The interest on the refund continues to run at the cost of the exchequer....

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There is no need to file separate claim for Income Tax refund

M. J. Engineering Consultants P Ltd Vs ITO (Delhi High Court) - Assessee need not file any separate claim for Income Tax refund as same is deemed to incorporated in return filed by assessee itself...

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Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO

Instruction No. 06 of 2022 - (28/11/2022) - It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....

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Release of Refund determined for cases selected for Income Tax Scrutiny

Instruction No. 14 - (16/02/2022) - Workflow in ITBA for Withholding of Refund under Sec. 241A of the I. T. Act' 1961 or Release of Refund determined while Processing of Returns of Income for the cases selected for Scrutiny — Regarding...

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ITRs up to AY 2017-18 with refund claim to be processed by 30.11.2021

F.No. 225/98/2020 - ITA-II - (30/09/2021) - All validly filed Income Tax Returns (ITRs) up to Assessment Year 2017-18 with refund claim, which could not be processed u/s 143(1) and which had become time barred, should be processed by 30/11/2021 subject to the conditions/exceptions specified therein. F.No. 225/98/2020 – ITA-II Government...

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CBDT instruction on Processing of returns with refund claims

F. No. 225/98/2020/ITA-II - (05/07/2021) - Prescribed statutory time limit for processing of such validly filed returns with refund claims in non-scrutiny cases. As per the earlier order dated 10th July 2020, time frame was given till 31.10.2020 to process such returns with refund claims....

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Extension of Time for processing of ITR with Refund claim for AY 2017-18

F. No.225/98/2020/ITA-II - (10/07/2020) - CBDT Extends Time Limit for processing of Income Tax Return with Income Tax Refund Claims u/s 143(1) for AY 2017-18 in Non scrutiny cases till 31.10.2020....

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Recent Posts in "Income Tax Refund"

How To Claim Income Tax Refund

Earlier taxpayer has to visit many times in Income-tax office and has to sought help of professionals to get the refund but now due to advancement in technology and faster processing of returns taxpayers are getting income tax refunds faster....

Read More
Posted Under: Income Tax |

Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO

Instruction No. 06 of 2022 28/11/2022

It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....

Read More

Income Tax Refund: HC directs AO to give effect to ITAT & HC order 

MUFG Bank Ltd Vs ACIT (Delhi High Court)

Respondents have grossly failed in their duty in law in not passing the appeal effect orders and issuing refund as per Section 153(5) of the Act and their action of withholding the refund is ex facie contrary to and in contempt of Article 265 and 300A of the Constitution of India....

Read More

Appeal effect order has to be passed within 3 months of passing of appeal order

KRBL Limited Vs DCIT (Delhi High Court)

In any event, in accordance with the mandate of law, the appeal effect order has to be passed within three months of passing of the appeal order....

Read More

Interest on income tax refund not taxable in terms of India-Netherland DTAA

Koninklijke Philips N.V C/o Deloitte Touché Tohmatsu India Pvt. Ltd. Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that interest on income tax refund is a ‘debt claim’ payable by the Revenue in terms of Article 12(3)(a) of the India-Italy Treaty and thus such interest is not taxable and no TDS ought to be done by the AO....

Read More

Delayed refund order implementation causes loss to exchequer: HC

All India Personality Enhancement And Cultural Center For Scholars (Aipeccs) Society Vs DCIT (Delhi High Court)

It is strange that that the order dated 26th May, 2022, has not been implemented till date. The interest on the refund continues to run at the cost of the exchequer....

Read More

EOW cracked a major PAN India income tax refund scam

EOW cracked a major PAN India income tax refund scam being  operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arrested accused Neeraj Singla (28 years age), a resident of Faridabad, Haryana, on 09.09.2022 in connection with EOW PS Case No.15 dt.27.08.2022 U/s 420/467/468/471/120-B IPC/ Sec.66 IT Act. The arrested accused ...

Read More
Posted Under: Income Tax | ,

Income Tax Refund adjusted against Outstanding Demands- What to do? 

Guide to Follow When Income Tax Refund Gets Adjusted with Prior Outstanding Demands  Article explains Procedure of Filing an Appeal before Commissioner of Income Tax (Appeals), Orders Which Are Appealable by Assessee before Commissioner of Income-tax (Appeals), Fees For Filing Appeal Before CIT (Appeals) and Documents To Be Submitted for...

Read More
Posted Under: Income Tax |

How to Submit Response for Income Tax Refund Confirmation

For the Financial Year 2021-22, You may get email from Income tax department if there are any mismatch between details provided in your Income Tax return and 26AS / AIS. Following email is received by taxpayers – Your income-tax return has been identified under risk management process of the Income-Tax Department. In this context, y...

Read More
Posted Under: Income Tax |

There is no need to file separate claim for Income Tax refund

M. J. Engineering Consultants P Ltd Vs ITO (Delhi High Court)

Assessee need not file any separate claim for Income Tax refund as same is deemed to incorporated in return filed by assessee itself...

Read More

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