Tax Refunds

Dividend tax on foreign payouts to be capped at treaty rate: Bombay HC

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

CBDT confident of meeting FY26 tax target; refund checks slowing outflows

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

India's net direct tax collection up 7% so far in FY26: CBDT data

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

No income tax refund yet? Why is your refund delayed, and what can you do? | ITR 2025

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.

GST Council fast-tracks refunds under inverted duty structure: What to know

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 rises 7.5% to ₹1.96 trillion in July; refunds jump 67%

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

Refunds account for 17.6% of India's gross tax collections in FY25

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

India to restore tax refund benefits for exporters from June to boost trade

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

Tax refund delayed? IT dept may be adjusting past dues against refund

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

Tax refunds via common email, mobile ID face scrutiny: Key actions to take

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

How long will it take to get your ITR refund & will you receive interest?

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

How to check income tax refund status online using PAN card?

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

Insurance firms eye tax reliefs in upcoming Budget to boost penetration

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

Budget 2024: Trade unions seek OPS, hike in tax rebate for salaried class

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

Depositors can claim their unclaimed amount refund from DEA Fund

However, if the deposit amount is above the insurance coverage of DICGC, then the liquidator can claim the amount only on a reimbursement basis

Bihar traders offered 'one-time settlement' for pre-GST era tax liabilities

The NDA government in Bihar on Thursday came out with a 'one-time settlement' initiative for the benefit of traders with tax liabilities dating back to the pre-GST era. The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly by Deputy Chief Minister Samrat Chaudhary, who also holds the finance portfolio. The Bill was passed in the assembly through voice vote, and, according to Choudhary, once notified, "it will bring great relief to traders with pre-GST tax liabilities". "The Bill provides traders with an opportunity to settle their pre-GST tax liabilities through the one-time settlement scheme. It would require traders to pay 10 per cent of the penalty and the remaining 90 per cent will be waived. In addition, traders will have to pay 35 per cent of the disputed tax amount to get a waiver of the remaining 65 per cent," said Choudhary. "Traders will have to pay both 10 per cent of the interest and penalty and 35 per cent of the disputed tax to avail this ...

Deduct salaries of members from HUF income to lower its tax bill

HUFs can also claim tax benefits on home loan repayments, insurance premiums, and other tax-saving investments

Return 50% of tax amount paid by Maharashtra: Uddhav Thackeray to Centre

Shiv Sena (UBT) president Uddhav Thackeray has said the Centre should return 50 per cent of the funds collected from Maharashtra as taxes for the development of the state. Speaking at a local event in Mumbai on Sunday, the former Maharashtra chief minister also referred to the recent protest rallies held in New Delhi by southern states like Karnataka and Kerala over similar demands. Thackeray claimed that when Maharashtra sends Re 1 to the Centre as tax, it gets back only seven paise (Re 1= 100 paise). "What happens to the remaining amount? What kind of revadis (freebies) you distribute?" he asked. "I am stating that when Maharashtra gives you Re 1, give us half of it back to develop the state. You are looting our state. When we (opposition INDIA bloc) come to power, I will assert on changing the current tax-sharing formula to increase Maharashtra's share," Thackeray said. The Shiv Sena (UBT) leader also took a dig at "Modi ki Guarantee" commitment of the central government, claim

LIC expects income tax refund of Rs 25,464 cr in Q4, says chairman

Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years. "We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself," Mohanty said during the post-result interaction. During the quarter, he said, the Life Insurance Corporation of India (LIC) would be launching more new products, including child protection. In the third quarter, LIC launched Jeevan Utsav, Index Plus and some more products, helping it to increase the value of new business (VNB) margin levels to 16.6 per cent. The refund is likely to boost the bottom line of the corporation in the fourth quarter.

Govt may consider cash refunds to exporters to improve cash flow: GTRI

The government can consider giving refunds to exporters in cash instead of scrips for tax remission schemes, as it would immediately improve cash flow for them, economic think tank GTRI said on Tuesday. At present, the refund under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the Rebate of State and Central Taxes and Levies (RoSCTL) scheme is issued as a scrip, which can be used to pay basic customs duties at the time of import. The scrip can be sold to other importers, who can later use the scrip instead of cash for payment of basic customs duty. These schemes refund select central and state levies to Indian exporters. "Refund RODTEP and ROSCTL dues to exporters in cash and not in the form of scrips. This will immediately improve the cash flow of thousands of exporters facing a weak export outlook for 2024," the Global Trade Research Initiative (GTRI) said. The RoSCTL refunds taxes for apparel and made-up sectors. RoDTEP covers most of the remaining