Hon’ble SC upheld strict adherence to the time limit of Refunds
Recently Hon’ble Supreme Court enunciated the principles with respect to adherence to the time limit for granting refund and adjusting any tax dues therefrom.
Tag: Refund
Income tax refund will be available soon and the seized properties will also be returned
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…
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…
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…
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,…
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…
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…
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…
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.