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Income Tax Refund

CBDT allows Processing of Income Tax Refund claims for Old Non-Scrutiny cases till Oct 31, 2020 [Read Order]

Taxscan Team

The Central Board of Direct Taxes (CBDT) has allowed processing of income tax refund claims in non-scrutiny cases for assessment years up to 2017-18...

COVID Emergency Credit Facility - MSME - Pre-Budget Consultation - Nirmala Sitharaman - Finance Minister - Taxscan

COVID Emergency Credit Facility covers all companies and not just MSMEs: Finance Minister

Interest Received by Builder on Temperary Deposits from Purchasers constitute Business Incomes: ITAT...

CBDT extends Time Limit for Processing of ITRs filed with refund claims up to AY 2017-18 till...

Salaried Class asked to show Interest Income Break-Up in IT Return This Year

Income Tax Dept to monitor Social Medias to catch Evaders

As part of the new ‘Project Insight’, introduced by the Government to unearth undeclared income or illegal wealth and nab tax evaders, the income tax department may access the information of evaders...

Income Tax Refund to be automatically credited to Bank A/c linked with PAN

The income tax refund process will be issued through online only from March 2019. The amount will be credited to the bank account linked with the Permanent Account Number (PAN). Further, the...

Income Tax Dept warns Fake Refund Messages of Fraudsters

As part of taking preventive measures to ensure the security of the accounts of the taxpayers, the Income Tax department has recently asked the taxpayers to beware of the fake refund messages sent in...

Only 0.5% of Income Tax Returns selected for Scrutiny: Shiv Pratap Shukla

The level of income tax compliance has continuously increased over the last three Financial Years, which is reflected in the number of Income-Tax Returns filed over this period, said Shri Shiv Pratap...

Delhi HC rejects Vodafone ’s Plea to Process Refund Claim of Rs. 4759.74 Crores [Read Judgment]

A two-judge bench of the Delhi High Court has dismissed a petition filed by M/s Vodafone Mobile Services Ltd seeking expeditious processing of their refund claims worth 4759.74 Crores. Before the...

Interest on Income Tax Refund can’t be Deducted u/s 80IE: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the deduction under Section 80IE of the Income Tax Act would not be available to interest on income tax refund. The...

No Penalty when Assessee made a Claim under Bona fide belief based on Judicial Precedence: ITAT [Read Order]

A division bench of the delhi Tribunal in DCIT v. American Express India Pvt. Ltd, held that penalty under Section 271(1)(c) of the Income Tax Act, 1961 is not leviable when Assessee made a claim...

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