Income Tax : Legal Entity Identifier (LEI) No. has become mandatory for non-individual entities when it comes to the credit of income tax refun...
Income Tax : Learn about income tax refund set-off under Section 245. Discover the process, rights, and implications for taxpayers. Get insight...
Income Tax : Check if your bank account is valid for refund. Learn how to update or revalidate your account details on the e-filing portal. Get...
Income Tax : Explore the consequences of making incorrect income tax refund claims and the associated legal ramifications. Understand the penal...
Income Tax : Learn how to view and change the bank account selected for your income tax refund online. Follow step-by-step instructions to vali...
Income Tax : Ministry of Finance's latest update on Income Tax Returns (ITRs) for AY 2023-24. Over 6.84 crore ITRs verified, 2.45 crore refunds...
Income Tax : From the time where tax payer will forget how much refund is yet to receive and when they will receive to now, there is a remarkab...
Income Tax : Vijayawada Division's Income Tax Department warns against false refund claims and wrongful deductions. Learn the consequences and ...
Income Tax : Karnataka State Chartered Accountants Association (R.) addresses the significant issue of delay in income tax refunds. Read their ...
Income Tax : EOW cracked a major PAN India income tax refund scam being operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arr...
Income Tax : Read about the Bombay High Court's judgment in Ceat Limited Vs CIT, where Ceat was entitled to interest on a tax refund exceeding ...
Income Tax : Taxpayer alleges illegal adjustments in refund by Income Tax Dept. Read the full text of the judgment by Madras HC and its implica...
Income Tax : Read the full text of the Bombay High Court's order directing the deposit of an Income Tax refund amount with Prothonotary and Sen...
Income Tax : Madras High Court directs swift tax refund to Coda Global LLC after Income Tax delay. Learn about case, judgment, and implications...
Income Tax : Explore Delhi High Court's directive in case of Brillon Consumer Products Pvt. Ltd. vs. DCIT. Detailed analysis of IT refund and a...
Income Tax : Explore detailed guidelines & procedures for verifying high-risk refund cases using Insights investigation tool. Learn how to navi...
Income Tax : Discover how jurisdictional assessing officers verify high-risk refund cases with Insight Instruction No. 77. Learn the SOP and st...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...
Income Tax : Government of Indias CBDT extends the processing time for electronically filed income tax returns and refund claims under section ...
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.
Budget 2017-It is proposed to insert a new sub-section (1B) in the said section to provide that where refund of any amount becomes due to the deductor, such person shall be entitled to receive, in addition to the refund, simple interest on such refund, calculated at the rate of one-half per cent.
Budget 2017-it is proposed to insert a new section 241A to provide that, for the returns furnished for assessment year commencing on or after 1st April, 2017, where refund of any amount becomes due to the assessee under section 143(1) and the Assessing Officer is of the opinion that grant of refund may adversely affect the recovery of revenue
Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;
CBDT enables Functionality for processing of unprocessed returns for technical / Other Reason for AY 2007-08 to 2011-12 having refund claims
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 Year 2016-17
It is held that Instruction No.1 of 2015 dated 13th January 201shall not hereafter be relied upon to deny refunds to the Assessees in whose cases notices might have been issued under Section 143(2) of the Act.
In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22,425 crore were paid in FY 2015-16 as compared to Rs. 1,12,188 crore in the FY 2014-15 and Rs. 89,664 crore in the FY 2013-14;
The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be granted in accordance with the circular or on the refunds already granted in accordance with Circular No. 769 or Circular 790 dated 20.4.2000.
Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescribes interest on refund from the date of payment of tax in cases which are not covered by Section 244A (1) (a). Necessarily, it will cover interest on refund of excess self-assessment tax paid by the assessee.
