Page 2 - Tax Refunds

In a first, over 80 million ITRs filed for AY 2023-24: Income Tax dept

The income tax department on Friday said over 8 crore ITRs have been filed for assessment year 2023-24 till date. "Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date," the income tax department said in a post on X. The total filing for AY 2022-23 was 7,51,60,817.

Respond to intimation of past tax demands for faster refund: I-T dept

The income tax department on Saturday asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years to facilitate faster clearance of refunds for 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T department regarding past unsettled tax demands, the department in a post on 'X' said, this is a taxpayer-friendly measure where an opportunity is being provided to assessees in line with "principles of natural justice". As many as 7.09 crore returns have been filed for income earned in 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date, including 2.75 crore refund returns. "However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said. The Section 245(1) of Income-tax Act, 1961, mandates providing an opportunity to taxpayers to

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

Tax dept plans to reduce average time taken for issuing refunds to 10 days

Currently, refunds get disbursed in 16 days

Beware tax refund fraud: Verify your source before clicking on links

Verify source before clicking on links; enter address of tax dept's official website directly into browser

Nil return: A must-do even for those with income below threshold level

Banks, passport and visa authorities ask for your ITR, and it's a prerequisite for tax refund

How to maximise your income tax refund while filing your Income Tax Return?

Taxpayers must submit ITR to the government to disclose their earnings, deductions, and tax liabilities. If the tax paid exceeds the taxable income, the taxpayer is eligible for a refund

GST Council to discuss scope of budgetary support for units in hilly states

The 50th GST Council meeting is scheduled to take place on July 11 in New Delhi

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022

Panel on tax refunds for exports from SEZs, EOUs to submit report on Dec 20

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

CBDT issues refunds of over Rs 1.14 trillion between April to August

It also said that income tax refunds of Rs 61,252 crore have been issued in 19.6 million cases and corporate tax refunds of Rs 53,158 crore have been issued in 146,871 cases

States panel likely to bat for system tracking dealers' transactions

The panel may also suggest integrating the Goods and Services Tax Network with NPCI to curb frauds in tax refunds

I-T dept issues refunds of over Rs 1.93 trillion so far in FY22

This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept

"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

Supplies to IT/ITeS parent firms eligible for refunds, clarifies CBIC

The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad

SC upholds Madras High Court's restriction of input tax refunds on services

Matter relates to industries facing inverted duty structure

Govt to release Rs 56,027 cr to exporters for pending tax refunds

The government on Thursday said it is releasing Rs 56,027 crore against pending tax refunds of exporters under different export inventive schemes.