Tax Refunds

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

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

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 ...

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

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

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.

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

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.

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

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

Currently, refunds get disbursed in 16 days

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

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

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

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