Income Tax Refund

How to Get Your Pending Income Tax Refund: Tax Ombudsman

Income Tax - Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal. ...

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Claim Interest on Income Tax Refund for delay

Income Tax - DELAYS AREN'T DENIALS -Before getting into the actual process, it is important to know some of the reasons that may have caused the delay. If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high.Tax authorities have espe...

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Income tax Refund Re-issue for change in Address & Bank Details

Income Tax - For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now Go to ‘My Account’. In the drop down click on ‘Service Request...

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Income Tax Refund stuck – Steps to take & Reasons for Delay

Income Tax - Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it's the Income Tax (I-T) department's lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is getting a refund, because it is a length...

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7 Advantage of Online Income Tax Payment

Income Tax - 1. You can pay taxes from any location at any time through your net-banking account.2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry...

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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...

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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...

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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....

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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;...

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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;...

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Interest on income tax refund not eligible for deduction U/s. 80IE

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) - M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) The limited issue under consideration relates to whether interest on income tax refund is eligible for deduction under section 80IE of the Act. The contention of the assessee is that it has only one business undertaking and the only business o...

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Addition for interest U/s. 244A cannot be made in absence of intimation regarding grant of interest

Denis Chem Lab Ltd. Vs ACIT (ITAT Ahmedabad) - Since assessee had not been served with any intimation or any other communication regarding the grant of interest under section 244A for assessment year 2009-10 and refund in question had been directly credited by department to bank account, the amount of interest had been provided in financial year...

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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...

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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....

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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...

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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 ...

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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...

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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...

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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...

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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...

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Recent Posts in "Income Tax Refund"

Interest on income tax refund not eligible for deduction U/s. 80IE

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur)

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) The limited issue under consideration relates to whether interest on income tax refund is eligible for deduction under section 80IE of the Act. The contention of the assessee is that it has only one business undertaking and the only business of the undertaking is […]...

Read More

Addition for interest U/s. 244A cannot be made in absence of intimation regarding grant of interest

Denis Chem Lab Ltd. Vs ACIT (ITAT Ahmedabad)

Since assessee had not been served with any intimation or any other communication regarding the grant of interest under section 244A for assessment year 2009-10 and refund in question had been directly credited by department to bank account, the amount of interest had been provided in financial year 2015-16 on receiving of information fro...

Read More

How to Get Your Pending Income Tax Refund: Tax Ombudsman

Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal. ...

Read More
Posted Under: Income Tax | ,

Claim Interest on Income Tax Refund for delay

DELAYS AREN'T DENIALS -Before getting into the actual process, it is important to know some of the reasons that may have caused the delay. If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high.Tax authorities have espe...

Read More
Posted Under: Income Tax |

Income tax Refund Re-issue for change in Address & Bank Details

For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now Go to ‘My Account’. In the drop down click on ‘Service Request...

Read More
Posted Under: Income Tax | ,

Income Tax Refund stuck – Steps to take & Reasons for Delay

Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it's the Income Tax (I-T) department's lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is getting a refund, because it is a length...

Read More
Posted Under: Income Tax | ,

7 Advantage of Online Income Tax Payment

1. You can pay taxes from any location at any time through your net-banking account.2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry...

Read More
Posted Under: Income Tax | ,

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....

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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). ...

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Posted Under: Income Tax |

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