Income Tax : Learn how to validate bank accounts for income tax refunds for AY 2024-25. Ensure a smooth refund process by following these essen...
Income Tax : Learn about interest rates applicable to income tax refunds and short tax payments under Income Tax Act. Find out how to calculate...
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 : 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 : 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 : Explore the Bombay High Court's ruling on the refund issue in Grace Associates Vs Union of India case. Detailed analysis and impli...
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 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 ...
In its recent Budget Maharashtra State Govt. And its Finance Minister offered a mixed bag for the industry, trade and individuals subjected to professional tax. Keeping in mind not the economic slowdown but the forthcoming State Assembly polls in October, the Finance Minister, Mr Dilip Walse Patil has announced exemption of salary upto Rs 5000 […]
As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption […]
MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a […]
Get your income tax refund faster by opting for ECS through the Refund Banker Scheme. Learn about the pros and cons of this innovative scheme.
Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a year to reach the average taxpayer.
Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income, followed by early refunds. The facility, being developed in association with IT major Infosys, is expected […]
Delay in issuance of income tax refunds has topped the list of complaints received by Income Tax Ombudsman (North West Region) within three months of setting up of its office in New Delhi. “Over 60 per cent of complaints lodged by income tax assessees since the commencement of office here are related to delay in […]
Meticulous and diligent tax payers waiting for refunds at the end of the financial year would be shocked at this: money meant for refunds is suspected to have been diverted to some fake accounts and the authorities have initiated a police probe into the racket. As many as 10 complaints have been filed by the […]
11. Section 244A has been inserted on the statute by the Direct Tax Laws (Amendment) Act, 1989 we f. 1st day of April 1989 and it has been inserted in lieu of Section 214 243 and 244. Sub-section (1) of Section 244A provides for granting of refund by the Revenue to the assessee in the cases where payment of advance tax and TDS exceeds the tax liability In the present case, there is no dispute so as for the entitlement of assessee to get refund, but the controversy is regarding the period which is to be excluded as per provisions of Section 244A (2).
Refund Banker is a scheme wherein a scheduled bank is authorised to issuerefund instruments, either in paper form or electronically, on behalf of theIncome-Tax department. Under this scheme, assessees benefit from faster tax refunds and direct credit into their bank accounts on the lines of dividend payments made bycorporates to shareholders. State Bank of India (SBI) is already operating as the ‘Refund Bank’ for the Income-Tax department in Delhi, Patna, Chennai,
