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Private sector lender informed stock exchanges on Monday that it has received a consolidated order giving effect (OGE), from the Jurisdiction Assessing Officer, determining an income tax refund of Rs 879 crore in its favour,
Your tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it
Mr Goel had to approach the Delhi High Court to get an order directing the income tax department to issue him a tax refund of Rs 6.42 lakh along with Rs 3.55 lakh interest on that refund.
Income tax refunds have seen a 16% decrease this year as authorities implemented enhanced filters for payments exceeding a certain threshold to combat fraud. This reduction in refunds has contributed to a 6.3% rise in net direct tax collections, reaching nearly Rs 11.9 lakh crore.
The Income Tax Department has launched a nationwide crackdown on fraudulent exemption and deduction claims as the deadline for filing returns approaches. A letter issued by the Central Board of Direct Taxes (CBDT), the apex policy-making body for direct taxes, has directed tax officials to flag suspicious refund claims and suspend processing of such returns pending investigation.
A Parliamentary panel, which examined the new Income Tax Bill, on Monday suggested that the Finance Ministry should allow individual taxpayers to claim TDS refunds by filing I-T returns after the due date without penalty, and exempt anonymous donations made to religious-cum-charitable trusts from taxation.
The Press Information Bureau (PIB) Fact Check unit has issued a warning about fraudulent emails claiming to be from the Income Tax Department , which requests manual verification for refunds from recipients. These communications have been identified as scams aimed at deceiving individuals into sharing sensitive information.
Income tax refunds issued by the government have jumped by a staggering 474 percent over the last decade, from Rs 83,008 crore in FY14 to Rs 4,76,743 crore in FY25, sources told Moneycontrol citing official data from the Principal Chief Controller of Accounts (PrCCA) and the Central Board of Direct Taxes (CBDT).
Income tax refunds for many taxpayers may get delayed this year, primarily due to late release of ITR utilities and backend system upgrades on the Income Tax Department’s portal. Though the return filing deadline for non-audit cases has already been extended to September 15, 2025, concerns are now shifting toward the timeline for refund issuance.
The new financial year has started and now taxpayers want to know when they can file their Income Tax Return (ITR) for the assessment year 2025-26. However, for this, first the Income Tax Department will have to notify the ITR…