Tax Refunds

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

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

It also said that income tax refunds of Rs 61,252 crore have been issued in 19.6 million cases and corporate tax refunds of Rs 53,158 crore have been issued in 146,871 cases

The panel may also suggest integrating the Goods and Services Tax Network with NPCI to curb frauds in tax refunds

This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore

"CBDT issues refunds of over Rs 1,83,579 crore to more than 2.09 crore taxpayers from 1st Apr, 2021 to 28th Feb, 2022," the I-T department tweeted

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad

Matter relates to industries facing inverted duty structure

The government on Thursday said it is releasing Rs 56,027 crore against pending tax refunds of exporters under different export inventive schemes.

CBDT has issued refunds of over Rs 67,401 crore to more than 2.4 million taxpayers between April 1 and August 16, the Income Tax Department of India said on Saturday.

The industry associations representing these sectors rued that the rates are lower than what companies enjoyed under the now discontinued MEIS scheme

The RoDTEP guidelines do not include sectors such as steel, organic & inorganic chemicals, and pharma under the scheme

8,555 items covered; steel, organic and inorganic chemicals, pharma kept out of scheme

Offsetting losses against future income or receiving tax refund is only possible when you do so

The income tax department on Thursday said it has issued Rs 26,276 crore refunds to more than 15.47 lakh taxpayers in two months of the current fiscal.

The Income Tax Department on Wednesday said it has issued refunds worth over Rs 1.73 lakh crore to more than 1.57 crore taxpayers in the ongoing fiscal till January 11. Of this, personal income tax refunds are worth Rs 57,139 crore, while corporate tax refunds are worth Rs 1.15 lakh crore. CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,73,139 crore to more than 1.57 crore taxpayers between April 1, 2020 to January 11, 2021, the Income Tax Department said in a tweet. "Income tax refunds of Rs 57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of Rs. 1,15,999 crore have been issued in 2,10,150 cases," it said.

The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period. "CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April,2020 to 04th January,2021.Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore have been issued in 2,06,847cases," the Income Tax department tweeted. The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4. The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.