Income Tax : The framework clarifies that refunds can be claimed only through valid ITR filing and mandatory verification. It emphasizes proced...
Income Tax : The new Act continues the existing tax payment framework without altering compliance obligations. It simplifies presentation while...
Income Tax : Learn why refund claims are being paused under a risk-based system and how timely reconciliation or revision can ensure smooth pro...
Income Tax : Automated risk alerts are delaying income-tax refunds without clear reasons. The law allows withholding only through statutory pro...
Income Tax : Learn why the Income Tax Department is sending risk management SMS alerts and how they differ from scrutiny notices. This guide ex...
Income Tax : India's net direct tax collections fell by 1.34% to ₹562,827 crore by July 10, 2025, despite a 3.17% rise in gross collections, ...
Income Tax : Income Tax Department warns against wrongful refund claims in ITRs. Explains consequences like penalties, scrutiny, prosecution, a...
Income Tax : Out of 3.94 crore valid ITRs for AY 2024-25, refunds were processed for 3.68 crore. Reasons for delays include invalid bank detail...
Income Tax : The Finance Act 2023 integrates sections on refund set off and withholding into section 245 of the Income-tax Act, impacting how r...
Income Tax : Learn about the rise in tax returns filed in India, targeted campaigns encouraging filings, and steps taken by the government for ...
Income Tax : The Kerala High Court held that delay condonation applications under Section 119(2)(b) must comply with the revised five-year limi...
Income Tax : The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, ...
Income Tax : High Court held that adjusting the entire refund during operation of a Tribunal stay order contravened the order and required refu...
Income Tax : The Court directed the PCCIT to appoint a senior officer to re-examine a refund claim where both parties lacked decades-old record...
Income Tax : The Court directed tax authorities to release refund under Sections 240 and 244A with interest calculated up to the actual date of...
Income Tax : SOP for investigating high-risk refund cases for AY 2024-25. Clusters of suspicious ITRs identified and disseminated for verificat...
Income Tax : Insight Instruction No. 8 guides Assessing Officers in verifying high-risk refund ITRs for AY 2024-25, detailing steps for verific...
Income Tax : CBDT issues comprehensive guidelines for condonation of delay in filing returns claiming refunds or losses under Section 119(2)(b)...
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...
scope of section 154 does not extend to a debatable issue and hence the assessing officer in exercise of power u/s 154 could not have withdrawn the interest u/s 244A(1)(b) on the refund of excess self assessment tax.
F. No. 312/109/2015-OT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Room No. 281, Hotel Samrat Kautilya Marg, Chanakya Puri New Delhi – 110021 Telefax : 011-24101573 Mail – Salil.mishra@nic.in New Delhi, 29th January 2016 OFFICE MEMORANDUM Sub : Issue of refunds – procedure to be followed in other […]
1. IMPLEMENTATION OF IND-AS AND THEIR IMPACT ON TAXABLE INCOME IND-AS (Indian version of IFRS) accounting standards are being implemented with effect from previous year commencing on 1st April, 2015 based on fair value, permitting recognition of unrealised income and anticipated unrealised losses and various other implications on book profit, turnover as well as income […]
It is desirable that any refund due to an assessee, under the Income-tax Return filed by him comes to be processed and issued to him within a stipulated time frame of maximum six months from the end of the month in which the tax return is filed. Infact, in the recent past, it has been the endeavour of the Income-tax Department to issue prompt and timely refunds within this time frame, which is keeping in line with its commitment made under the Citizen’s Charter.
Adjustment of Refunds due to assessees against erroneous demands shown outstanding in their cases causes great heartburning. Even where the assessee lodges his objection on the CPC Portal pointing out that the demand sought to be adjusted against the refund was not outstanding and therefore is being erroneously adjusted, there is no remedy by which the CPC can take note of the same.
1. RECOMMENDATION FOR PROVIDING FOR GRANT OF TIMELY REFUND WITH INTEREST AND ALSO PROVIDING FOR PAYMENT OF HIGHER INTEREST IN CASE OF DELAYED REFUND UNDER SECTION 244A (A) Under section 244A of the Income-tax Act, the tax administration is liable to pay interest at the rate of one-half percent per month or part thereof (i.e. […]
F. No. 312/109/2015-OT As on 09.01.2016, there are 64,938 cases of refunds below Rs.5,000/- involving Rs.1,148.14 Crore in non-CASS cases for AYs 2013-14 and 2014-15 pending in AST. It is requested that the Assessing Officers be directed to issue these refunds without any adjustment of arrears under Section 245. Similarly, the non-CASS cases for those assessment years where the refund amount is more than Rs.5,000/- but the outstanding arrear is Rs. 6,000/- or less may also be processed for issue of refund without any adjustment under Section 245.
The word month has been mentioned in the Income tax law in number of provisions. However the term has not been defined in the Income tax law. Interpretation of the term poses number of issues especially in the interest calculation. However to understand the controversy around it, we shall have to start the journey from genesis as under:
F.No.312/109/2015-0T I am directed to say that as on 01.11.2015, there were 2.07 lakh returns involving refund claims of Rs.659 crore for AY 2013-14 and 12.90 lakh returns involving Rs.4,837 crore for AY 2014-15 still pending for processing and issue of refunds. These returns have not been selected for scrutiny under CASS.
Uttarakhand High Court held In the case of CIT (TDS) & others vs. State Bank of India & others that every authority of discretionary power would be obliged to act, in the first place, being guided by relevant considerations and ignoring irrelevant considerations.
