Tax Refunds

The scramble for refunds started immediately after the Supreme Court ruled that Trump unlawfully used IEEPA to impose tariffs on goods entering the country

West Asia conflict weakened trade in March, with India's merchandise exports falling 7.4 per cent year-on-year and 24 of 30 major export categories declining

The US economy was supposed to start the year with a bang, fuelled by an unusually large jump in tax refunds from President Donald Trump's tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend. "Next spring is projected to be the largest tax refund season of all time," Trump said in a prime-time speech in December that was intended to address voters' concerns about the economy and stubbornly high prices. But that was before the Iran war, which began Feb. 28. Oil and gas prices have soared since then, with the nationwide average price of gas reaching USD3.94 Sunday, up more than a dollar from just a month earlier. Gas prices are likely to remain elevated for some time, even if the war ends soon, because shipping and production have been disrupted and will take time to recover. Economists now expect slower growth this spring and for the year as a whole, as dollars that are spent on gas are less likely to be

Reassessment is a part of exercise to rationalise central-sector schemes to enhance efficiency

Tax experts said the judgment reiterates that refund claims cannot be denied merely because the principal input and output supplies are the same- a ground frequently used by tax authorities

Budget 2025 not only tweaked tax slabs, it reset how India taxes personal income. From zero tax up to ₹12 lakh under the new regime to fewer deductions and simpler compliance,

Bombay High Court says dividend tax paid by Indian firms to foreign parents must be capped at treaty rates, a ruling that could open large refund claims for multinationals

Chairman Ravi Agarwal says the department expects to meet its ₹25.2 trillion direct tax goal for FY26, with refunds slowing due to verification of incorrect claims and a dip in filings this year

The Centre has budgeted Rs 25.2 trillion in direct tax collections for FY26. In the previous year, net direct taxes rose 13.6 per cent to Rs 22.26 trillion, surpassing the Budget estimate

Taxpayers across India are facing long delays in income tax return (ITR) processing and refunds. Experts attribute a mix of compliance mismatches and technical slowdowns as the primary causes.

From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet

Gross GST mop-up was ₹1.82 trillion in July 2024. Last month, the collection was ₹1.84 trillion

Tax refunds in FY25 accounted for 17.6% of gross collections, a sharp rise from FY14. The average time to process refunds dropped to 17 days in 2024, compared to 93 days in 2013

The benefits under the Remission of Duties and Taxes on Exported Products were introduced on January 1, 2021, but ended on February 5 this year

If you believe the outstanding tax demand is incorrect, you should furnish an appropriate response online through the e-filing ITR portal

Income Tax department's internal says that only high risk refund cases will be investigated

A taxpayer can seek a refund for any extra tax amount paid or withheld in a particular fiscal year by filing their income tax returns for that year

Income Tax Department issues refunds to individuals who have paid more tax than their liability through various means like Tax Deducted at Source, advance tax, and Tax Collected at Source

Life insurance companies have called for tax deductions on annuity products as well as lower goods and services tax (GST) on their products

Constitution of the 8th pay commission, increase in tax rebate for salaried class and restoration of the old pension scheme are some of the key demands made by trade union leaders during a pre-budget meeting with Finance Minister Nirmala Sitharaman on Monday. The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS). "The ceiling limit for the income tax rebate for the salaried class on their salary and gratuity must be substantially raised. Government-sponsored social security fund for the unorganised workers and agricultural workers has to be set up to provide them with defined universal social security schemes including minimum pension of Rs 9,000 per month and other medical, educational benefits," the CTUs said in their memorandum. Besides, they have sought that all the existing vacancies in the central government departments and PSUs must be filled immediately and the practice of contract