Income Tax Refund

Income Tax Refund – Mystery

Income Tax - With the end of ITR Filing season, now the assessee has starts receiving their claimed refund from Income Tax Department. Individuals who have filed their ITR’s before 31st August, 2019 has almost received their refunds. Because, this time, to lower the interest burden on government treasury, Income Tax department has processed refund c...

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Re-Issuance of Income Tax Refund – How to Submit Request Online

Income Tax - Now, the ITR Filing season is almost over and assesses are receiving Intimation U/s 143 (1) of Income Tax Act, 1961 related to their filed ITR. This time focus of the Income Tax Department is on the issuance of Income Tax Refund as soon as possible. And assesses who have claimed a refund in their […]...

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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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Rationalisation of provisions relating to claim of Income tax refund

Income Tax - The existing provisions of section 239 of the Act provide inter alia that every claim of refund under Chapter XIX of the Act shall be made in the prescribed form and verified in the prescribed manner. In order to simplify the procedure for claim of refund, it is proposed to amend the said section so […]...

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Link your PAN with your Bank Account- No Refund if A/c not linked

Income Tax - Link your PAN with your Bank Account… Get your refund directly, swiftly and securely in your bank account Income Tax Department will Issue only e-refunds from 01.03.2019 Refunds will be given only to bank accounts (savings/current/cash/OD) which are linked with PAN. To check if your bank account is linked with your PAN, login to e...

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Income Tax Refund and Return filed during last 3 Financial Years

Income Tax - The level of income-tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, as given hereunder: – S.No. Financial Year Total Number of Income Tax Returns filed Percentage increase over previous Financial Year (a) (b) (c) (d) 1 2015-...

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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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Beware of Fake Income Tax Refund emails

Income Tax - For all of those who have Income Tax return and have received an e-mail stating that there has been an error in calculating your tax and a refund has to be issued, please ignore it....

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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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Auto-generated communication/Order under section 241A are not valid: HC

Vodafone Idea Limited Vs DCIT (Bombay High Court) - Auto-generated communication dated 24.3.2019 which contained the note of withholding of the refund in terms of Section 241A of the Act, does not satisfy any of the legal tests for passing said order. Firstly, it is not passed by the Assessing Officer who is competent to do so. Secondly, it is not e...

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Term “recovery” includes adjustment thereby reducing demand: Section 220/245

Volvo Group India Pvt. Ltd Vs DCIT (ITAT Bangalore) - i) The term recovery is comprehensive and includes adjustment thereby reducing the demand; (ii) It will be specious & illogical for the Revenue to contend that if an issue is decided in favour of the assessee giving rise to a refund in an earlier year, that refund can be adjusted u/s 245, on account...

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I-T Department to Refund Over Rs. 43 Cr withheld against demand of 49 Lakhs

Vodafone Idea Limited Vs DCIT (Bombay High Court) - Vodafone Idea Limited Vs DCIT (Bombay High Court) 1. The petitioner has prayed for directions to the Income Tax Authorities for releasing the refund of Rs. 43.25 Crores (rounded off) with applicable interest pertaining to the assessment years 2007-08 to 2013-2014. Having heard the learned Counsel fo...

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Income Tax Refund cannot be withheld for error in Computer System

M/s. Vodafone Idea Limited Vs DCIT (TDS) & Ors. (Bombay High Court) - High Court held that Income Tax Refund cannot be withheld by Income Tax Department for error in Computer System. It held that the computer system cannot override the factual aspects and if Income Tax refund is payable than whether the computer systems accepts or not, is of no consequence....

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Section 244A(1) Interest on refund of excess self-assessment tax

DCIT Vs Savita Oil Technologies Ltd. (ITAT Mumbai) - DCIT Vs Savita Oil Technologies Ltd. (ITAT Mumbai) A careful look at sub-section (1) of section 244A would reveal that it has three parts. The first part deals with the entitlement of a person to interest whenever he is due to get a refund from the Department. The second part relates to the method o...

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Functionality to process returns having Income Tax refund claims

ITBA-Processing Instruction No. 9 - (12/09/2019) - Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg....

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Processing of I.T. returns with refund beyond prescribed time limits in non-scrutiny cases

F. No.225/194/2019/ITA-II - (05/08/2019) - (a) returns filed for any assessment year prior to assessment year 2017-18, which were under scrutiny and were not processed in view of provisions of sub-section (1D) of section 143 of the Act; (b) returns remain unprocessed, where either demand is shown as payable in the return or is likely to a...

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Modified Approval process for issue of paper Income Tax refunds and Manual Order Upload functionality

F. No. System/ITBA/Instruction/Assessment/177/16-17/ - (18/09/2019) - Kind reference is invited to ITBA assessment instruction no 9 dated 07.05.2018 in which the process of uploading of manually passed order in ITBA system was described. Vide above instruction it was explained that for doing any work in system, the previous orders should have been passed in system....

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Functionality of Withholding of Income Tax Refund u/s 241A- Reg.

ITBA-ITR Processing Instruction No. 5 - (14/12/2018) - ITBA-ITR Processing Instruction No. 5 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/112/16-17/ Dated: 14.12.2018 To All Principal Chief Commissioners of Income-tax/CCsIT All Principal Directo...

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CBDT Directive on Refund Fraud & Confidential Data Leakage

F. No. DGIT (Vig.)/HQ/DE0/2018-19/5170 - (27/11/2018) - Large-scale outsourcing of data entry functions in the Income Tax Department poses a risk of refund frauds and leakage of confidential data. It has been noticed that quite often the outsourced data entry operators have access to the RSA Tokens issued to the officers and are also aware of the passwor...

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Recent Posts in "Income Tax Refund"

Auto-generated communication/Order under section 241A are not valid: HC

Vodafone Idea Limited Vs DCIT (Bombay High Court)

Auto-generated communication dated 24.3.2019 which contained the note of withholding of the refund in terms of Section 241A of the Act, does not satisfy any of the legal tests for passing said order. Firstly, it is not passed by the Assessing Officer who is competent to do so. Secondly, it is not even an order, it is a mere auto-generate...

Read More

Income Tax Refund – Mystery

With the end of ITR Filing season, now the assessee has starts receiving their claimed refund from Income Tax Department. Individuals who have filed their ITR’s before 31st August, 2019 has almost received their refunds. Because, this time, to lower the interest burden on government treasury, Income Tax department has processed refund c...

Read More
Posted Under: Income Tax |

Re-Issuance of Income Tax Refund – How to Submit Request Online

Now, the ITR Filing season is almost over and assesses are receiving Intimation U/s 143 (1) of Income Tax Act, 1961 related to their filed ITR. This time focus of the Income Tax Department is on the issuance of Income Tax Refund as soon as possible. And assesses who have claimed a refund in their […]...

Read More
Posted Under: Income Tax |

Term “recovery” includes adjustment thereby reducing demand: Section 220/245

Volvo Group India Pvt. Ltd Vs DCIT (ITAT Bangalore)

i) The term recovery is comprehensive and includes adjustment thereby reducing the demand; (ii) It will be specious & illogical for the Revenue to contend that if an issue is decided in favour of the assessee giving rise to a refund in an earlier year, that refund can be adjusted u/s 245, on account of the demand on the same issue in a su...

Read More

I-T Department to Refund Over Rs. 43 Cr withheld against demand of 49 Lakhs

Vodafone Idea Limited Vs DCIT (Bombay High Court)

Vodafone Idea Limited Vs DCIT (Bombay High Court) 1. The petitioner has prayed for directions to the Income Tax Authorities for releasing the refund of Rs. 43.25 Crores (rounded off) with applicable interest pertaining to the assessment years 2007-08 to 2013-2014. Having heard the learned Counsel for the parties and having perused the doc...

Read More

Interest 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 | ,

Functionality to process returns having Income Tax refund claims

ITBA-Processing Instruction No. 9 (12/09/2019)

Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg....

Read More

Processing of I.T. returns with refund beyond prescribed time limits in non-scrutiny cases

F. No.225/194/2019/ITA-II (05/08/2019)

(a) returns filed for any assessment year prior to assessment year 2017-18, which were under scrutiny and were not processed in view of provisions of sub-section (1D) of section 143 of the Act; (b) returns remain unprocessed, where either demand is shown as payable in the return or is likely to arise after processing it; (c) returns...

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Income Tax Refund cannot be withheld for error in Computer System

M/s. Vodafone Idea Limited Vs DCIT (TDS) & Ors. (Bombay High Court)

High Court held that Income Tax Refund cannot be withheld by Income Tax Department for error in Computer System. It held that the computer system cannot override the factual aspects and if Income Tax refund is payable than whether the computer systems accepts or not, is of no consequence....

Read More

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