Income Tax : Learn why income tax refunds get delayed in AY 2026-27, how to track refund status, fix common issues, and claim interest under Se...
Income Tax : The provisions governing income tax refunds explain when excess tax paid can be claimed back, who is entitled to receive refunds, ...
Income Tax : The document clarifies that taxpayers may be liable to pay interest under Section 234D when refunds granted under Section 143(1) e...
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 : 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 : Kerala High Court kept refund adjustment in abeyance, directing disposal of the pending rectification application before recovery ...
Income Tax : The Calcutta High Court held that adjusting admitted refunds to recover more than 20% of disputed tax demand during the pendency o...
Income Tax : The Calcutta High Court held that recovery exceeding 20% of the disputed tax demand during the pendency of an appeal before the CI...
Income Tax : The Calcutta High Court held that adjustment of a tax refund against a disputed demand could not be sustained while the stay appli...
Income Tax : The High Court found that withdrawal of garnishee notices and compliance with the CBDT Office Memoranda entitled the assessee to s...
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...
When a taxpayer submits their Income Tax Return (ITR) and requests a refund, they need to wait for the Centralized Processing Center (CPC) to process it. Currently, CPC processing is quite efficient, with an average turnaround time of 15 to 45 days from the date of e-verification of the ITR.
Tata Sons challenges incorrect interest calculation on refunds under Section 244A. ITAT Mumbai directs reassessment of refund and interest for AY 1993-94.
Learn why Income Tax refunds are failing due to unlinked PAN with bank accounts, the implications, and how taxpayers can resolve this issue.
Summary of the ITAT Jaipur decision in Singhal Builders Vs ACIT for A.Y. 2017-18, discussing income additions, depreciation claims, and treatment of interest on income tax refund.
Learn how to validate bank accounts for income tax refunds for AY 2024-25. Ensure a smooth refund process by following these essential steps.
The Finance Act 2023 integrates sections on refund set off and withholding into section 245 of the Income-tax Act, impacting how refunds are adjusted against tax demands and withheld during pending assessments. Learn about the amendments and their implications effective from October 1, 2024.
Learn about the rise in tax returns filed in India, targeted campaigns encouraging filings, and steps taken by the government for better compliance.
Learn about interest rates applicable to income tax refunds and short tax payments under Income Tax Act. Find out how to calculate advance tax and understand implications of underpayment or overpayment.
Explore the Bombay High Court’s ruling on the refund issue in Grace Associates Vs Union of India case. Detailed analysis and implications discussed.
Read about the Bombay High Court’s judgment in Ceat Limited Vs CIT, where Ceat was entitled to interest on a tax refund exceeding 10% of the tax determined on regular assessment.
