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The Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases which will help taxpayers who missed filing any ITR though had a tax refund due to him/her.
While you may have filed your income tax return (ITR) and verified it also, it may not be sufficient to ensure that you get your tax refund on time as it may depend on many other factors.
The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting the refund of excess tax paid.
IDBI Bank has got an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.
The Enforcement Directorate (ED) has arrested another person, in connection with a Rs.263 crore income tax refund fraud and money laundering case.
There is good news for those taxpayers who are still waiting to get their income tax refund for FY 2020-21 (AY 2021-22). In an order dated March 1, 2024, the Central Board of Direct Taxes (CBDT) has said that these individuals can…
Life Insurance Corporation of India (LIC) on Friday announced a tax refund worth Rs 21,740.77 crore from the Income Tax Department for the assessment years from 2013 to 2020. In a regulatory filing, LIC said: “Life Insurance Corporation of India had…
If a taxpayer has paid more taxes than their actual liability, they are entitled to an income tax refund. Once the taxpayer claims a refund in their income tax return, the tax department proceeds to process the return. Subsequently, the…
As per the document, the actor’s remuneration of Rs.2 crore was to be paid on or before the signing of the agreement. Another Rs.1 crore was to be paid on or before commencement of the shooting, Rs.7 crore during 70…
More than half of the individuals and 45% of businesses received income tax refunds within a month, a key factor for more than 80% of the respondents of a CII survey, indicating that they have greater trust in the tax…