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Tag: INCOME TAX DEPARTMENT

Tax Filing
Posted inINCOME TAX

The Importance of Submission of Investment Proof for Income Tax: Consequences and Remedies

by TaxConcept January 27, 2024January 27, 2024
Income tax return form
Posted inINCOME TAX

Understanding ITR Forms and Advance Tax for Different Income Scenarios

by TaxConcept January 27, 2024January 27, 2024
Posted inINCOME TAX

Interim Union Budget 2024 Goes Digital: Paperless Mode and Mobile App Accessibility

by TaxConcept January 26, 2024January 26, 2024
Standard deductions limit
Posted inINCOME TAX

Good News For Salaried Taxpayers! Standard Deduction Limit Rs 90,000 In Interim Budget

by TaxConcept January 26, 2024January 26, 2024
Posted inINCOME TAX

National Mission for Clean Ganga Seeks PAN Status Change to Address Income Tax Notices

by TaxConcept January 24, 2024January 24, 2024
Posted inINCOME TAX

Income tax relief: Medical cost doubles in 5 years, will Budget 2024 increase Section 80D limit for health insurance?

by TaxConcept January 24, 2024January 24, 2024
Posted inINCOME TAX

CBDT Notification No. 14/2024: Amendments and Applicability Explained under section 10(46) of the Income-tax Act

by TaxConcept January 24, 2024January 24, 2024
Posted inINCOME TAX

CBDT Circular No. 1/2024: Explaining the Finance Act, 2023 Amendments

by TaxConcept January 24, 2024January 24, 2024
Posted inINCOME TAX

Switching from Challan 280 to e-Pay Tax Portal: A Step-by-Step Guide for Income Tax Payments

by TaxConcept January 23, 2024January 23, 2024
Delhi High Court
Posted inJUDGEMENT

Delhi HC stays IT department order cancelling tax exemption status of Oxfam India, Care India

by TaxConcept January 22, 2024January 22, 2024
Can you withdraw any amount from bank using bearer's cheque? Know risks involved, income tax laws you may face
Posted inINCOME TAX

Can you withdraw any amount from bank using bearer’s cheque? Know risks involved, income tax laws you may face

by TaxConcept January 22, 2024January 22, 2024
Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
Posted inINCOME TAX

Delhi High Court Stays NFRA Proceedings Against Chartered Accountant (CA) Over Tax Deduction Claim

by TaxConcept January 21, 2024January 21, 2024
Posted inINCOME TAX

Tax Query: An assessee earns monthly salary of ₹15,000, During FY 23-24, he received a gift of ₹1 lakh from his friend..

by TaxConcept January 21, 2024January 21, 2024
Income Tax Department Introduces Updated E-filing Utility and JSON Schema for Form 10BB (A.Y. 2023-24 Onwards)
Posted inINCOME TAX

Income Tax Department Updates E-filing Utility and JSON Schema for Form 10BB

by TaxConcept January 18, 2024January 18, 2024
Posted inBudget 2024

Simplifying ITR Filing Process for NRIs: Challenges and Solutions

by TaxConcept January 17, 2024January 17, 2024
Posted inINCOME TAX

Analysis of I-T Section 43B(h) : Payment based Deductions for Amount payable to Micro and Small Enterprises along with examples

by TaxConcept January 17, 2024January 17, 2024
Posted inINCOME TAX

Beware of Fake Income Tax Refund Scams

by TaxConcept January 17, 2024January 17, 2024
Posted inINCOME TAX

New Tax big Relief: Finance Ministry Raises Income Tax Rebate Limit

by TaxConcept January 17, 2024January 17, 2024
duplicate pan card
Posted inINCOME TAX

PAN Card Update: Have 2 PAN Cards? Check Penalty For Duplicate PAN And What Income Tax Department Says

by TaxConcept January 16, 2024January 16, 2024
Posted inBudget 2024

Deloitte’s Budget 2024 Expectations Proposed Tax Reforms and AIS Enhancements

by TaxConcept January 16, 2024January 16, 2024
income tax department
Posted inINCOME TAX

Income Tax Update! Amendment to Section 87A of Income-tax Act, 1961

by TaxConcept January 15, 2024January 15, 2024
income tax notices salaried individual can get
Posted inINCOME TAX

Six income tax notices salaried individual can get

by TaxConcept January 15, 2024January 15, 2024
A total of 81.8 million income tax returns have been filed for the assessment year 2023-24 up to December 31, 2023, which was the last date for filing belated returns for the current assessment year. Up on e-verifying or manual verification by sending its acknowledgement to the CPC Bengaluru, the Income-tax department in its endeavour and depending on the complexity of the filed Returns, process expeditiously and refund excess taxes paid, if any, to the taxpayers within a day to 4-5 weeks. As mentioned, some taxpayers have yet to get their refunds despite filing returns well within the due date. There is a considerable amount of delay in getting due tax refunds. Let us have a look at the reasons for inordinate delays, the resources available to taxpayers and the responsibilities of taxpayers. Prabhakar K S, founder and chief executive officer of tax advisory firm Shree Tax Chambers, answered the following questions for one’s better understanding. What happens if a taxpayer whose ITR is submitted has yet to receive the refund? Once the ITR is e-verified or manually by the taxpayer, the Department process it and sends a Intimation-cum-Notice under Section 143 (1) of the Income Tax Act, 1961, to the taxpayer’s registered e-mail id to inform him that he is eligible for a refund and initiate crediting process to his pre-validated bank account, if found eligible. A taxpayer can access the said intimation e-filing portal using login credentials. In any case, if the refund is not received within 4-5 weeks or 2-3 months, the refund fails, though the department is pushed from its side, withheld to adjust against old tax demands; the refund will be lying with the Department until the taxpayer addresses certain issues. What should a taxpayer do? A taxpayer’s job is not done just by filing his return. He must check his e-mails and mobile and e-filing portal for any departmental communications he might have received regularly. There could be several reasons for being delayed, but most of them require taxpayers’ end’s action to address them. Forgotten to e-verify after filing the return; Filing return offline or physical mode, which will delay processing the Return further Failed to send duly signed acknowledgement’s hard copy to CPC Bengaluru within 30 days of the return filing; Mismatch of TDS/TCS – Differences in Form 16/16A and Form 26AS; PAN became inoperative due to non-linking with Aadhaar; Mismatch of Name in PAN and pre-validated Bank account; Bank Account not pre-validated for refund, which is now mandatory; Wrong Bank details – Name, account number, IFSC; Providing a non-operative/dormant bank account while filing the return; Apart from the above, there could be a delay from the Department side Rejection of refund request due to additional tax required to be paid by the taxpayer; Refund request still under Process – Due to complexities, the Department may take extra time to process the return; Return may be marked for scrutiny to ensure its accuracy and compliance; Requirement of additional documents and information from the taxpayer; Initiating the process of adjusting the Refund against old tax demands; Return marked as defective return Will the government pay any penalty? No penalty as such, however, the Department pays an interest of 0.5 per cent p.m. or 6 per cent p.a, which is paid from April 1 till the date of the credit of the refund. However, if there is a delay from the taxpayer’s side, then the period of such delay will not be considered while calculating the interest. How can one raise such a grievance? A taxpayer can raise a grievance through the Department’s e-filing portal by using login credentials and also reach out to their Help Desk Numbers. In case the Return is not yet processed or processed but the refund has not yet been issued, he can raise an issue in their ‘Grievances’ section by selecting CPC-ITR, which predominantly deals with ITR-V status, Intimations or Notices under section 143(1), Refund not received, Return processing and among others. Similarly, SBI for Refund failed; the Refund was credited to the wrong account, and the Refund was paid but not credited. In case of failure of refund, a taxpayer post login to the e-filing portal navigates ‘My Account’ feature, clicks the ‘Service Request’ option and chooses ‘Refund Re-Issue’ request under ‘New Request’ by providing requisite details and e-verify therein. In addition to the above, he can reach out to the CPC Help Desk numbers at 1800 103 0025, 1800 419 0025, 080-4612 2000 and 080-6146 4700 Monday through Friday between 08.00 am- 08.00 pm. Thus, to avoid undue delays and cumbersome follow-up processes, a taxpayer is advised to keep always updated on his e-filing portal’s-profile details, check departmental communications or e-mails, SMS and ensure prompt action on priority.
Posted inINCOME TAX

Income Tax Return filed, refund not received yet?

by TaxConcept January 15, 2024January 15, 2024
Posted inINCOME TAX

Enhancing the Appeal of the New Personal Income Tax Regime

by TaxConcept January 14, 2024January 14, 2024
income tax on stock market share gift
Posted inINCOME TAX

TaxQuery: Demystifying the Tax Implications of Transferring Shares via Demat Account

by TaxConcept January 14, 2024January 14, 2024
Income Tax Portal Update: New ‘Authenticate Insight DIN’ Functionality for Taxpayers
Posted inINCOME TAX

Income Tax Portal Update: New ‘Authenticate Insight DIN’ Functionality for Taxpayers

by TaxConcept January 13, 2024January 13, 2024
‘Remarks’ Column in TDS and TCS Returns
Posted inINCOME TAX

Understanding the ‘Remarks’ Column in TDS and TCS Returns

by TaxConcept January 13, 2024January 13, 2024
Posted inJUDGEMENT

Incorrect information- Non- application of mind by Assessing Officer Notice u/s. 148A(b) as well order u/s. 148A(d) bad in law

by TaxConcept January 13, 2024January 13, 2024
Income tax raid
Posted inINCOME TAX

Income Tax Department’s Raid Recover Rs 1,500 crore ‘unaccounted cash’

by TaxConcept January 12, 2024January 12, 2024
Posted inINCOME TAX

Government may simplify withholding tax math

by TaxConcept January 12, 2024January 12, 2024

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