Income Tax Refund

Interest on Excess Income Tax Paid by Taxpayer i.e. 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....

Read More

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). ...

Read More

Advisory on Phishing, Fraudulent Refund E-mail Scams & Fake Income Tax Web Sites

Income Tax - Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as Bank account details, passwords, OTP etc. purported to be from Income Tax Department. The Income Tax Department does not seek such information through email or any other mode of [&hell...

Read More

Respite from deadline of March 31, 2018 to claim IT refund for FY 2015-16 & 2016-17

Income Tax - CBDT Circular No. 9/2015-Income Tax, dated 09th June 2015 provides assessee a right to apply for condonation of delay in claiming the refund or carry forward the losses. So, in case, a assessee has missed the deadline of March 31, 2018 to file the return for FY 2015-16 and FY 2016-17, he can claim the refund by following the guidelines as...

Read More

How to Request for Income Tax Refund Re-issue

Income Tax - There can be instances such as Incorrect Bank Account details, Incorrect Address, IFSC Code and so on, and then taxpayer may have to request the ITD to re-issue a Income Tax refund cheque. Income Tax Refunds are issued through two modes: By crediting the Income Tax refund amount in Assesse Bank account if the taxpayer […]...

Read More

CBDT disposes More than 20,000 Income Tax refund cases

Income Tax - The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. Seeing the success of this initiative, the special drive was extended in cert...

Read More

Non-residents allowed to claim Income Tax Refund in Foreign Bank A/c

Income Tax - Income-tax Return Forms for the Assessment Year 2017-18 were notified on 30th March, 2017. A number of representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of f...

Read More

Expeditious issue of Refunds is a High Priority for CBDT

Income Tax - Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) processed and over 1.62 crore refunds issued during the Current Financial Year up to 10th February, 2017....

Read More

Major Achievements of CBDT in Current Financial Year 2016-17

Income Tax - Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;...

Read More

Technology use for Expeditious Disposal of Assessment & Refunds

Income Tax - In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22,425 crore were paid in FY 2015-16 as compared to Rs. 1,12,188 crore in the FY 2014-15 and Rs. 89,664 crore in the FY 2013-14;...

Read More

Assessee entitled to interest on refund arising on excess payment of self-assessment tax U/s. 244A

CIT Vs. P.N. Writer (Bombay High Court) - CIT Vs. P.N. Writer (Bombay High Court) Assessee was entitled to the interest on refund arising on excess payment of self-assessment tax under section 244A, despite the revenue’s contention that assessee had failed to produce any material which would demonstrate how this tax was worked out, and pa...

Read More

Interest U/s. 244A on refund of excess SA tax payable from self-assessment tax payment date

Asst. CIT Vs. Bharat Petroleum Corporation Ltd. & Vice-Versa (ITAT Mumbai) - Refund under section 244A(1)(b) of the Act on self assessment tax is to be paid from the date of payment of self assessment tax till the date of grant of refund....

Read More

In absence of communication of interest on IT Refund no penalty for not offering the same for tax

M/s Subhash Chander Sewa Vs Income Tax Officer (ITAT Amritsar) - Admittedly there is a mistake committed by the assessee in not adding interest on the refund to his sources of income. There is no disputing the fact that the tax payer duly and diligently must necessarily in its return of income disclose all avenues of his income. The assessee in its defence has co...

Read More

Interest on Refund of Interest waived by Income Tax is not Interest on Interest

Preeti N Aggarwala Vs Chief Commissioner of Income Tax & Anr. (Delhi High Court) - In a recent ruling, the Delhi High Court held that interest can be allowed on Refund of interest Waived by the Department under section 220(2A) of the Income Tax Act. The bench was hearing a bunch of writ petitions wherein the petitioners raised a question that whether the expression ‘in any other...

Read More

Interest U/s. 244A on Excess self Assessment Tax Payment cannot be denied

CIT Vs Birla Corporation Limited (Calcutta High Court) - scope of section 154 does not extend to a debatable issue and hence the assessing officer in exercise of power u/s 154 could not have withdrawn the interest u/s 244A(1)(b) on the refund of excess self assessment tax....

Read More

CBDT enables processing of unprocessed returns having refund claims

AST Instruction No. 142 - (09/12/2016) - CBDT enables Functionality for processing of unprocessed returns for technical / Other Reason for AY 2007-08 to 2011-12 having refund claims ...

Read More

Refund upto Rs. 5,000/- in non-CASS cases without demand adjustment

Office Memorandum - No. 312/67/2016-0T - (14/07/2016) - With a view to provide relief to small taxpayers. it has been decided that refunds up to Rs.5,000/-, as also refunds in cases where arrear demand is up to Rs.5,000/-. in non-CASS cases, may be issued expeditiously without any adjustment of outstanding demand under Section 245 during the Financial Ye...

Read More

Excess of TDS deposited U/s. 195 eligible for Interest U/s. 244A

Circular No. 11/2016-Income Tax - (26/04/2016) - The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be gran...

Read More

New Procedure for Adjustment of demand against Income Tax Refund

F. No. 312/109/2015-OT - (29/01/2016) - F. No. 312/109/2015-OT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Room No. 281, Hotel Samrat Kautilya Marg, Chanakya Puri New Delhi – 110021 Telefax : 011-24101573 Mail – Salil.mishra@nic.in New Delhi, 29th January 2016 OFFICE MEMORANDUM Sub : Iss...

Read More

CBDT direct Income Tax refund of amount up to Rs. 5000/- to Taxpayers By 31.01.2016

F. No. 312/109/2015-OT - (14/01/2016) - F. No. 312/109/2015-OT As on 09.01.2016, there are 64,938 cases of refunds below Rs.5,000/- involving Rs.1,148.14 Crore in non-CASS cases for AYs 2013-14 and 2014-15 pending in AST. It is requested that the Assessing Officers be directed to issue these refunds without any adjustment of arrears under...

Read More

Income Tax Refund’s Popular Posts

Recent Posts in "Income Tax Refund"

CBDT disposes More than 20,000 Income Tax refund cases

The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. Seeing the success of this initiative, the special drive was extended in cert...

Read More
Posted Under: Income Tax |

Interest on Excess Income Tax Paid by Taxpayer i.e. on Income Tax Refund

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....

Read More
Posted Under: Income Tax |

Section 234D- Interest on Excess Refund of 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). ...

Read More
Posted Under: Income Tax |

Assessee entitled to interest on refund arising on excess payment of self-assessment tax U/s. 244A

CIT Vs. P.N. Writer (Bombay High Court)

CIT Vs. P.N. Writer (Bombay High Court) Assessee was entitled to the interest on refund arising on excess payment of self-assessment tax under section 244A, despite the revenue’s contention that assessee had failed to produce any material which would demonstrate how this tax was worked out, and particularly during the course of self-ass...

Read More

Advisory on Phishing, Fraudulent Refund E-mail Scams & Fake Income Tax Web Sites

Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as Bank account details, passwords, OTP etc. purported to be from Income Tax Department. The Income Tax Department does not seek such information through email or any other mode of [&hell...

Read More
Posted Under: Income Tax |

Respite from deadline of March 31, 2018 to claim IT refund for FY 2015-16 & 2016-17

CBDT Circular No. 9/2015-Income Tax, dated 09th June 2015 provides assessee a right to apply for condonation of delay in claiming the refund or carry forward the losses. So, in case, a assessee has missed the deadline of March 31, 2018 to file the return for FY 2015-16 and FY 2016-17, he can claim the refund by following the guidelines as...

Read More
Posted Under: Income Tax |

Interest U/s. 244A on refund of excess SA tax payable from self-assessment tax payment date

Asst. CIT Vs. Bharat Petroleum Corporation Ltd. & Vice-Versa (ITAT Mumbai)

Refund under section 244A(1)(b) of the Act on self assessment tax is to be paid from the date of payment of self assessment tax till the date of grant of refund....

Read More

How to Request for Income Tax Refund Re-issue

There can be instances such as Incorrect Bank Account details, Incorrect Address, IFSC Code and so on, and then taxpayer may have to request the ITD to re-issue a Income Tax refund cheque. Income Tax Refunds are issued through two modes: By crediting the Income Tax refund amount in Assesse Bank account if the taxpayer […]...

Read More
Posted Under: Income Tax |

Refundable Tax System

ABSTRACT In the modern world the indirect taxes take an essential part of Governments’ Tax Revenue. Various countries are following various types of Indirect Taxations like Sales Tax, Value Added Tax and Goods and Services Tax. In this situation, I am introducing a new Indirect Taxation concept which I have named as “Refundable Tax Sy...

Read More
Posted Under: Income Tax |

Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

Read More
Posted Under: Income Tax |
Page 1 of 2112345...1020...Last »

Browse All Categories

CA, CS, CMA (3,746)
Company Law (3,879)
Custom Duty (6,952)
DGFT (3,685)
Excise Duty (4,144)
Fema / RBI (3,477)
Finance (3,669)
Income Tax (27,491)
SEBI (2,899)
Service Tax (3,369)

Search Posts by Date

July 2018
M T W T F S S
« Jun    
 1
2345678
9101112131415
16171819202122
23242526272829
3031