Income Tax Refund

Refund Under Provisions of Income Tax Act, 1961

Income Tax - Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for tha...

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Claim your Income Tax Refund for six years

Income Tax - You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. You can file your return of income for claiming refund of taxes even if your income does not exceed the exemption limit due to TDS or payment of advance taxes . ...

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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....

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). ...

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Check status -Income Tax Refund, Return Processing, Refund dispatched

Income Tax - Income Tax department has provided the facility to the Assessee / tax Payer to check status of Income Tax Return Filed online on its e-filing portal. In addition to this Assessee can also check status of Income Tax Refund of return filed by the Assessee (Manual and Online) and Assessee can also track online the status of Income Tax Refun...

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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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CBDT issues I-T refunds worth Rs 5,204 Crore issued in last 10 days

Income Tax - As a relief to MSMEs, I-T refunds worth Rs 5,204 Crore issued in last 10 days: CBDT The Central Board of Direct Taxes (CBDT) today said that Income tax refunds to nearly 8.2 lakh small businesses (proprietors, firms, corporate and trusts) worth Rs 5,204 Crore have been issued since 8th April 2020. These income tax […]...

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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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TDS wrongly deposited-Claim of refund- Delhi HC judgement

Clean Wind Power Kurnool Private Limited Vs DCIT (Delhi High Court) - Present writ petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that petitioner can file its refund application for the excess Tax Deduction at Source (TDS) deposited by it....

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Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

Vodafone Idea Limited Vs ACIT (Bombay High Court) - High Court states that, however, insofar as the net refundable amount of Rs. 833,04,88,000/- is concerned, in our view, the respondents already having invoked their powers under Section 245 of the Act which action has ended with passing of the order dated 28th May, 2020, the respondents cannot withh...

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Withholding of refund against demand payable for earlier years justified

Vodafone Idea Ltd Vs ACIT (Supreme Court of India) - Uptill AY 2016-17, if a scrutiny notice u/s 143(2) is issued, the return is not required to be processed u/s 143(1) for grant of refund to the assessee however, from AY 2017-18 & onwards, a different regime is prescribed by Parliament by inserting  section 241-A which required separate recording of...

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CIT to examine refund claims with due application of mind & issue the same

Ericsson India Pvt. Ltd. Vs ACIT (Delhi High Court) - Withholding of refund claims should be examined by the Principal Commissioner of Income Tax with due application of mind and the entire exercise should be completed within the period of six weeks and the case of failure of Officers should transmit the amount including the interest to assessee withou...

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Suo motu contempt proceeding against CIT / PCIT refund ‘Army Officer’ not granted within 30 days: HC

Col. Retd. Madan Gopal Singh Nagi Vs CIT (Madhya Pradesh High Court) - Respondent CIT/PCIT directed to refund the entire amount of income tax they have recovered, which was an exempted amount and which the petitioner Army Officer has paid in respect of his disability pension....

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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

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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Government to issue pending Income Tax/GST/Customs Refunds

In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers....

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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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Recent Posts in "Income Tax Refund"

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....

Read More

TDS wrongly deposited-Claim of refund- Delhi HC judgement

Clean Wind Power Kurnool Private Limited Vs DCIT (Delhi High Court)

Present writ petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that petitioner can file its refund application for the excess Tax Deduction at Source (TDS) deposited by it....

Read More

Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

Vodafone Idea Limited Vs ACIT (Bombay High Court)

High Court states that, however, insofar as the net refundable amount of Rs. 833,04,88,000/- is concerned, in our view, the respondents already having invoked their powers under Section 245 of the Act which action has ended with passing of the order dated 28th May, 2020, the respondents cannot withheld the admitted refundable amount of Rs...

Read More

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

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....

Read More

Refund Under Provisions of Income Tax Act, 1961

Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for tha...

Read More
Posted Under: Income Tax |

Claim your Income Tax Refund for six years

You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. You can file your return of income for claiming refund of taxes even if your income does not exceed the exemption limit due to TDS or payment of advance taxes . ...

Read More
Posted Under: Income Tax | ,

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 | ,

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 been issued to 1,02,392 assessees during th...

Read More

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 | ,

Check status -Income Tax Refund, Return Processing, Refund dispatched

Income Tax department has provided the facility to the Assessee / tax Payer to check status of Income Tax Return Filed online on its e-filing portal. In addition to this Assessee can also check status of Income Tax Refund of return filed by the Assessee (Manual and Online) and Assessee can also track online the status of Income Tax Refun...

Read More
Posted Under: Income Tax |

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