Income Tax Refund

Section 244A of Income Tax Act,1961- Details of Changes Since 1.4.1989

Income Tax - Whenever an assessee gets his refund from the department which is late then he is entitled for the interest u/s 244A of the Income Tax Act , 1961. There remains a confusion of the year and calulation of the interest for the period. Period is very important . From which date and for which period […]...

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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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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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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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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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Interest on I-T Refund cannot be denied for Mistake committed by assessee

Pr. CIT Vs State Bank of India (Bombay High Court) - Pr. CIT Vs State Bank of India (Bombay High Court) The Assessing Officer has been given no discretion in the matter of granting interest. The amount of interest has to be paid to an assessee in terms of Section 244A of the Act. The only limitation provided therein under Section 244A of the Act is [&...

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Omission by auditor Reasonable Cause for delay in claiming Refund

G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court) - G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand w...

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HC Rejects Vodafone claim for Income Tax Refund of over Rs 4,759 Cr

Vodafone Mobile Services Ltd Vs Asst. Commissioner Of Income–Tax & Anr. (Delhi High Court) - Refund claim of Vodafone’s worth Rs. 4759.74 Crores was rightly rejected as Revenue had the right to adjust the substantial outstanding demands against the refunds that arose but had not yet been determined due to ongoing scrutiny proceedings....

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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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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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Procedure for Income Tax refund not issued due to technical reasons

ITBA-Processing Instruction No 4 - (08/10/2018) - Due to some reasons, the valid returns filed by tax payers, were not processed within time prescribed under section 143(1) of Act. Due to which, refund due to assessee could not be issued....

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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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Recent Posts in "Income Tax Refund"

Section 244A of Income Tax Act,1961- Details of Changes Since 1.4.1989

Whenever an assessee gets his refund from the department which is late then he is entitled for the interest u/s 244A of the Income Tax Act , 1961. There remains a confusion of the year and calulation of the interest for the period. Period is very important . From which date and for which period […]...

Read More
Posted Under: Income Tax |

Interest on I-T Refund cannot be denied for Mistake committed by assessee

Pr. CIT Vs State Bank of India (Bombay High Court)

Pr. CIT Vs State Bank of India (Bombay High Court) The Assessing Officer has been given no discretion in the matter of granting interest. The amount of interest has to be paid to an assessee in terms of Section 244A of the Act. The only limitation provided therein under Section 244A of the Act is […]...

Read More

Omission by auditor Reasonable Cause for delay in claiming Refund

G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court)

G.V. Infosutions Pvt. Ltd Vs DCIT (Delhi High Court) The rejection of the petitioner’s application under Section 119(2)(b) is only on the ground that according to the Chief Commissioner’s opinion the plea of omission by the auditor was not substantiated. This court has difficulty to understand what more plea or proof any assessee coul...

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 |

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

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...

Read More

HC Rejects Vodafone claim for Income Tax Refund of over Rs 4,759 Cr

Vodafone Mobile Services Ltd Vs Asst. Commissioner Of Income–Tax & Anr. (Delhi High Court)

Refund claim of Vodafone’s worth Rs. 4759.74 Crores was rightly rejected as Revenue had the right to adjust the substantial outstanding demands against the refunds that arose but had not yet been determined due to ongoing scrutiny proceedings....

Read More

Income Tax Refund and Return filed during last 3 Financial Years

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-...

Read More
Posted Under: Income Tax |

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 Director Generals of Income Tax /DGsIT All Prin...

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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 passwords. ...

Read More

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