Income Tax Refund

IT refund not received? Know provision of Withholding of IT Refund

Income Tax - Overview: Finance Act, 2017 inserted the section 241A to enable the AO to withhold the refund arise after processing of the Income Tax Return. The provision has been analyzed as under. Provision of Income Tax Act Withholding of refund in certain cases. 241A. For every assessment year commencing on or after the 1st day of April, […...

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New Process to Submit Response for Income Tax Refund

Income Tax - 1. A taxpayer may have received an e-mail informing that his return has been processed and the refund amount will be credited to the pre-validated bank account. He must be wondering even after so many days why the amount has not been reflected in his account. 2. The Income Tax department has initiated a new […]...

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Income Tax Refund- Everyone wants it, not all get it!

Income Tax - Refund – Everyone wants it, not all get it!! Income tax refund! Sounds quite familiar, doesn’t it? Many of us would have received a refund from the income tax department in the past as well as many have claimed it but not received the same. So, let’s discuss when and how does one get a […]...

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Income Tax Refund and Right to Information Act (RTI)

Income Tax - If there is one area in the income-tax administration which has remained perennially incurable, it is the Refunds, we shows you an easy way to solve the problem. In a Press Release dated April 19, 2007, the Central Board of Direct Taxes stated: “It has been reported in some sections of the media that a large number of taxpayers are awai...

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Set off of refunds against tax remaining payable – Section 245

Income Tax - Set off of refunds against tax remaining payable as per Section 245 of the Income Tax Act, 1961 Section 245 of the Act empowers the Income Tax authorities to adjust any previous year/s outstanding demand of tax liability with the refund amount due to the assessee. However, this power can be exercised only after issuing […]...

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CBDT issues refunds of more than Rs. 2.62 lakh crore upto 31.03.2021

Income Tax - CBDT has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%....

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Suggestion /representation on 7 Important Direct Tax Issues

Income Tax - Following is the summary of Suggestion /representation on behalf of the taxpayers/professionals in connection with the Direct tax related matter. Detailed reasoning of same is provided in subsequent paragraphs....

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1st April Onward CBDT issued refunds of over Rs. 88652 crore

Income Tax - As per tweet by CBDT on its official Handle-From 1st April onwards CBDT has, so far, issued refunds of over Rs. 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs. 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs. 60,472 crore […]...

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CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

Income Tax - CBDT  desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]...

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Income Tax Refund of Rs. 62.36 crore issued during Covid days

Income Tax - Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Can HC quash Section 241A order withholding refund pending completion of scrutiny assessment

GE Capital Mauritius Overseas Investments Vs DCIT (Delhi High Court) - Whether order u/s 241A withholding refund pending completion of scrutiny assessment can be quashed by writ court under article 226 of the Constitution of India?...

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Interest for Full Month on IT refund despite payment on last day of Month

Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi) - Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi) The disputes pertain to the sole issue of interest under Section 244A of Income Tax Act, 1961  payable by Revenue to the assessee. Vide impugned appellate order  Ld. CIT(A) expressed the view that interest should be given to the assessee under Se...

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Mere issuance of scrutiny notice cannot stall the remittance of refund

Ingenico International India Pvt. Ltd. Vs DCIT (Delhi High Court) - Ingenico International India Pvt. Ltd. Vs DCIT (Delhi High Court) A plain reading of Section 241A shows that the mere issuance of the scrutiny notice under Section 143 (2) of the Act cannot stall the remittance of refund to the assessee. The refund can only be stalled if the conditions stipulated in...

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ITP to undergo imprisonment in Income Tax Refund Fraud Case

Chief Commissioner (Admn.) & Commissioner of Income Tax Vs N.K. Mohnot  (Additional Chief Metropolitan Magistrate (E.O.I, Egmore-Chennai) - Chief Commissioner (Admn.) & Commissioner of Income Tax Vs N.K. Mohnot  (Additional Chief Metropolitan Magistrate (E.O.I, Egmore-Chennai) The case arose out of a complaint been filed by the complainant, the Chief Commissioner of Income Tax (Administration) and Commissioner of Income Tax at the ...

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HC: Interest payable on delayed Income Tax Refund Interest

CIT Vs Syndicate Bank (Karnataka High Court) - CIT Vs Syndicate Bank (Karnataka High Court) Conclusion: When an order of refund was issued, the same should include interest payable on the amount, which was refunded. If the refund did not include interest due payable on the amount refunded, the revenue would be liable to pay interest on the short...

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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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Income Tax Refund of Rs. 62.36 crore issued during Covid days

NA - (03/07/2020) - Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Tax Refunds amounting to Rs. 26242 crore issued since 1st April 2020

Release ID: 1626051 - (22/05/2020) - Central Board of Direct Taxes (CBDT) has issued tax refunds worth Rs. 26,242 crore to 16,84,298 assessees since 1st April, 2020 to 21st May, 2020. Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have bee...

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E-mails for facilitating faster refund cannot be misconstrued as harassment: CBDT

Release ID: 1616620 - (21/04/2020) - The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that these observations ar...

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CBDT issues Refunds worth Rs 4250 crore issued in a week

Press Release ID: 1614744 - (15/04/2020) - Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 19-20 till 31st March 2020 totalling Rs 1.84 lakh crore....

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Recent Posts in "Income Tax Refund"

Can HC quash Section 241A order withholding refund pending completion of scrutiny assessment

GE Capital Mauritius Overseas Investments Vs DCIT (Delhi High Court)

Whether order u/s 241A withholding refund pending completion of scrutiny assessment can be quashed by writ court under article 226 of the Constitution of India?...

Read More

CBDT issues refunds of more than Rs. 2.62 lakh crore upto 31.03.2021

CBDT has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%....

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Posted Under: Income Tax |

Interest for Full Month on IT refund despite payment on last day of Month

Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi)

Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi) The disputes pertain to the sole issue of interest under Section 244A of Income Tax Act, 1961  payable by Revenue to the assessee. Vide impugned appellate order  Ld. CIT(A) expressed the view that interest should be given to the assessee under Section 244A of I.T. Act […]...

Read More

Mere issuance of scrutiny notice cannot stall the remittance of refund

Ingenico International India Pvt. Ltd. Vs DCIT (Delhi High Court)

Ingenico International India Pvt. Ltd. Vs DCIT (Delhi High Court) A plain reading of Section 241A shows that the mere issuance of the scrutiny notice under Section 143 (2) of the Act cannot stall the remittance of refund to the assessee. The refund can only be stalled if the conditions stipulated in Section 241A of […]...

Read More

IT refund not received? Know provision of Withholding of IT Refund

Overview: Finance Act, 2017 inserted the section 241A to enable the AO to withhold the refund arise after processing of the Income Tax Return. The provision has been analyzed as under. Provision of Income Tax Act Withholding of refund in certain cases. 241A. For every assessment year commencing on or after the 1st day of April, […...

Read More
Posted Under: Income Tax |

New Process to Submit Response for Income Tax Refund

1. A taxpayer may have received an e-mail informing that his return has been processed and the refund amount will be credited to the pre-validated bank account. He must be wondering even after so many days why the amount has not been reflected in his account. 2. The Income Tax department has initiated a new […]...

Read More
Posted Under: Income Tax | ,

ITP to undergo imprisonment in Income Tax Refund Fraud Case

Chief Commissioner (Admn.) & Commissioner of Income Tax Vs N.K. Mohnot  (Additional Chief Metropolitan Magistrate (E.O.I, Egmore-Chennai)

Chief Commissioner (Admn.) & Commissioner of Income Tax Vs N.K. Mohnot  (Additional Chief Metropolitan Magistrate (E.O.I, Egmore-Chennai) The case arose out of a complaint been filed by the complainant, the Chief Commissioner of Income Tax (Administration) and Commissioner of Income Tax at the instance of the Commissioners of Income ...

Read More
Posted Under: Income Tax |

Income Tax Refund- Everyone wants it, not all get it!

Refund – Everyone wants it, not all get it!! Income tax refund! Sounds quite familiar, doesn’t it? Many of us would have received a refund from the income tax department in the past as well as many have claimed it but not received the same. So, let’s discuss when and how does one get a […]...

Read More
Posted Under: Income Tax |

Income Tax Refund and Right to Information Act (RTI)

If there is one area in the income-tax administration which has remained perennially incurable, it is the Refunds, we shows you an easy way to solve the problem. In a Press Release dated April 19, 2007, the Central Board of Direct Taxes stated: “It has been reported in some sections of the media that a large number of taxpayers are awai...

Read More
Posted Under: Income Tax |

HC: Interest payable on delayed Income Tax Refund Interest

CIT Vs Syndicate Bank (Karnataka High Court)

CIT Vs Syndicate Bank (Karnataka High Court) Conclusion: When an order of refund was issued, the same should include interest payable on the amount, which was refunded. If the refund did not include interest due payable on the amount refunded, the revenue would be liable to pay interest on the short fall. This did not […]...

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