Income Tax Refund

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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Pre-Budget Memorandum 2019- A Small Wish List From New Finance Minister

Income Tax - Union Budget 2019 – New Finance Minister Smt. Nirmala Sitharaman’s first budget after the huge and unprecedented electoral win of Sh. Narendra Modi Government has the backing of a mammoth public mandate and as such is expected to be a reform oriented budget and not a populist one. However, along with the bold and reform […]...

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What You Need To Know About Income Tax E-Refund

Income Tax - Many of us would have received a refund from the income tax department in the past. A tax refund or tax rebate is a refund furnished to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they owe is […]...

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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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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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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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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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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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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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Income Tax Refund’s Popular Posts

Recent Posts in "Income Tax Refund"

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

Rationalisation of provisions relating to claim of Income tax refund

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 […]...

Read More
Posted Under: Income Tax |

Pre-Budget Memorandum 2019- A Small Wish List From New Finance Minister

Union Budget 2019 – New Finance Minister Smt. Nirmala Sitharaman’s first budget after the huge and unprecedented electoral win of Sh. Narendra Modi Government has the backing of a mammoth public mandate and as such is expected to be a reform oriented budget and not a populist one. However, along with the bold and reform […]...

Read More
Posted Under: Income Tax |

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 of […]...

Read More

What You Need To Know About Income Tax E-Refund

Many of us would have received a refund from the income tax department in the past. A tax refund or tax rebate is a refund furnished to the taxpayer when the tax liability is less than the taxes paid. Taxpayers can avail a tax refund on their income tax if the tax they owe is […]...

Read More
Posted Under: Income Tax |

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 | ,

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