An LEI is a unique code for identification within the global financial system. This is required for credit of refunds exceeding ₹50 crore. The Central Board of Direct Taxes notified ITR forms 2, 3 and 5 for filing returns for assessment year 2024-25.
LEI require to be file an ITR in India if you are a non-individual taxpayer, such as a company or a partnership, and expecting a tax refund of ₹50 crore or more.The LEI requirement is to bring transparency and efficiency to the high-value refund process.
- Who needs LEI: Non-individual taxpayers (companies, partnerships etc.)
- When is LEI required: When claiming a tax refund of ₹50 crore or more
- Why LEI: To enhance transparency and expedite refund processing
- As per the RBI notification, effective refund processing now necessitates the inclusion of a Legal Entity Identifier (LEI) number.
Please note that:
If you are an individual taxpayer or your refund amount is less than ₹50 crore, you don’t need an LEI to file your ITR.
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