Tax Refunds

File revised income-tax return to correct errors in original ITR by Dec 31

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

Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10

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

Panel on tax refunds for exports from SEZs, EOUs to submit report on Dec 20

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

Address cause of tax refund failure, then request reissuance: Experts

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

CBDT issues refunds of over Rs 1.14 trillion between April to August

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

States panel likely to bat for system tracking dealers' transactions

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

I-T dept issues refunds of over Rs 1.93 trillion so far in FY22

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

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: I-T Dept

"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

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

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

Supplies to IT/ITeS parent firms eligible for refunds, clarifies CBIC

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

SC upholds Madras High Court's restriction of input tax refunds on services

Matter relates to industries facing inverted duty structure

Govt to release Rs 56,027 cr to exporters for pending tax refunds

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

CBDT refunds over Rs 67,401 cr till Aug 16 to nearly 2.4 million taxpayers

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.

Export-focussed sectors express disappointment over RoDTEP rates

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

Exporters want steel, pharmaceuticals sectors under RoDTEP scheme

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

Govt announces RoDTEP rates for exporters; outlay Rs 12,454 cr in FY22

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

Income below exemption limit? File tax return, nonetheless, say experts

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

Tax dept issues refunds worth Rs 26,276 cr in 2 months of FY22

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.

Tax refunds worth Rs 1.73 trn issued so far this fiscal: Income Tax dept

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.

I-T refunds worth Rs 1.64 trn issued to 10.4 million taxpayers till Jan 4

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.