The Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to prepare an action plan by which possible tax-related issues are identified and resolved immediately. In this scheme, there will be a fixed time limit for returning the seized property.
Direct Tax collection, Net of refunds stands at Rs. 14.70 lakh crore with Y-o-Y growth of 19.41%
The provisional figures of Direct Tax collections up to 10th January, 2024 continue to register steady growth. Direct Tax collections up to 10th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands […]
Taxpayer entitled to refund of amount deposited due to coercion during search proceedings
The Hon’ble Delhi High Court in the case of Lovelesh Singhal Prop. Shivani Overseas v. Commissioner, Delhi Goods and Services Tax & Ors. [W.P.(C) 16353/2022 dated December 05, 2023] disposed of the writ petition, thereby holding that, the taxpayer is entitled to refund of the amount deposited due to coercion during the search proceedings. Facts: […]
89% firms, 87% individuals say claiming tax refund is now made easy, says CII survey
In a testament towards renewed efforts of the tax department leading to enhanced taxpayer relationship, CII in an Income Tax refund survey found that automation and simplification in the income tax refund process have raised the trust factor among the taxpayers. According to the survey, 89% of the individuals and 88% of the firms surveyed […]
Police nab kingpin of multi-crore GST scam from Delhi
The Sirsa police have arrested the main kingpin of a multi-crore GST scam from Delhi’s Dwarka area. The main accused, Padam Bansal, was produced before a local court in Sirsa on Friday and was sent on four-day police remand. The police had earlier arrested his son Amit Bansal, wife Asha Rani, and nephews Kapil and […]
Respond to intimation of past tax demands for faster refund processing, ask IT dept to taxpayers
To facilitate faster clearance of refunds for the 2022-23 fiscal, the income tax department on 23 September asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years. The department in a post on ‘X’ said after a few taxpayers took to social media about receiving intimation from the I-T […]
Income tax refund: Govt plans to reduce refund processing time
The Income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented during the current […]
Income tax department all set to cut refund time
The revenue department is poised to roll out a system to cut the average processing and issuance time for tax refunds from the current 16 days to just 10 days, a newspaper report has said. More importantly, the new timeline is expected to be implemented during the current fiscal year. “In 2022-23, the average time […]
Department Instructed to refund for the payment made during the search proceedings
The Hon’ble Punjab and Haryana High Court in M/s Parsvnath Traders v. Principal Commissioner, CGST and Another held that the deposited amount which was collected from assessee during the search proceedings is to be refunded along with interest @ 6% per annum from the date of deposit till the refund amount is released in his favour.
Refund application cannot be rejected without giving proper reason
The Hon’ble Delhi High Court in the matter of M/s Chegg India Pvt. Ltd. v. Commissioner of Central Goods and Services Tax [W.P.(c) 14886 of 2022 dated July 19, 2023] held that the refund application cannot be rejected without giving a proper reason and stated that the Revenue department may issue a fresh notice, clearly […]