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Tag: Income tax news

Posted inINCOME TAX

Important Update Regarding Income Tax Rectification Requests

by TaxConcept July 17, 2025July 17, 2025
Taxpayer Relief: New Compounding Guidelines Explained
Posted inINCOME TAX

Relief for taxpayers who are looking for a way out from their tax notices or court cases

by TaxConcept March 19, 2025March 19, 2025
Tax Concept in India
Posted inINCOME TAX

Tax Concept in India: Categories, Administration, and Strategies

by TaxConcept March 19, 2025March 19, 2025
Gang of Fake Income Tax Officers Unmasked: Seven Arrested
Posted inINCOME TAX

Gang of Fake Income Tax Officers Unmasked: Seven Arrested

by TaxConcept January 12, 2025January 12, 2025
Posted inINCOME TAX

Govt Considers Income Tax Relief For Those Earning Up To Rs 15 Lakhs

by TaxConcept December 30, 2024December 30, 2024
Income Tax Relief
Posted inINCOME TAX

Income Tax Relief: Govt Considers Cuts For Rs 15 Lakh Salary Bracket

by TaxConcept December 27, 2024December 27, 2024
nirmla sitharaman
Posted inINCOME TAX

New Tax Code Set to Replace Six-Decade-Old Income Tax Act

by TaxConcept August 23, 2024August 23, 2024
Posted inINCOME TAX

Big news for income taxpayers

by TaxConcept August 20, 2024August 20, 2024
Direct Tax Structures for Long-Term Gains
Posted inINCOME TAX

Rationalizing Direct Tax Structures for Long-Term Gains: Impact and Optimizations

by TaxConcept June 5, 2024June 5, 2024
Alkem Laboratories Faces Allegations of Large-Scale Tax Evasion
Posted inINCOME TAX

Alkem Laboratories Faces Allegations of Large-Scale Tax Evasion

by TaxConcept February 26, 2024February 26, 2024
Income tax
Posted inINCOME TAX

Unrest Between Indian National Congress and Income Tax Department Over Tax Dues

by TaxConcept February 22, 2024February 22, 2024
Posted inINCOME TAX

1.5 crore taxpayers under Income Tax radar

by TaxConcept February 10, 2024February 10, 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

Income Tax raids lead to largest cash seizure Rs 360 core; note counting machine also broke down during the counting of notes

by TaxConcept December 8, 2023December 8, 2023
Posted inINCOME TAX

Income Tax Return Important Update: Income Tax Department enables “Discard ITR” Option for Unverified Original/Belated/Revised ITRs Starting from AY 2023-24

by TaxConcept November 28, 2023November 28, 2023
Posted inINCOME TAX

Fined Rs 65.6 Crore by Income Tax Department for Assessment Year 2021

by TaxConcept November 22, 2023November 22, 2023
Posted inINCOME TAX

Income Tax Department initiates comprehensive profiling of high-net-worth individuals suspected of evading taxes

by TaxConcept October 31, 2023October 31, 2023
Posted inINCOME TAX

Income Tax notice: 6 high-value cash transactions that can get you flagged by Income Tax Department

by TaxConcept October 14, 2023October 14, 2023
Posted inINCOME TAX

Income Tax Demand Notice: Types, Reasons, and How to Respond

by TaxConcept October 12, 2023October 12, 2023
TDS Rate Chart for FY 2023-24 & AY 2024-2025)
Posted inINCOME TAX

TDS Rate Chart for FY 2023-24 (AY 2024-25): Budget 2023 Updates and New Provisions

by TaxConcept October 7, 2023October 7, 2023
Posted inINCOME TAX

Income Tax Notices to TS Temples Asking to Pay Taxes

by TaxConcept October 6, 2023October 6, 2023
Tax Audit Report
Posted inINCOME TAX

Decoding Clause 44 in the Tax Audit Report: Insights and Strategies

by TaxConcept October 4, 2023October 4, 2023
Posted inINCOME TAX

Income Tax Department Recruitment 2023: Vacancies| Details

by TaxConcept October 1, 2023October 1, 2023
Posted inINCOME TAX

Notification: CBDT Clarifies Eligibility of NBFCs for Income Tax Deductions on Actual Payment Basis

by TaxConcept September 26, 2023September 26, 2023
Posted inINCOME TAX

Income tax notice update: 10 Important Cash Transactions Limits as per Income tax Act, 1961

by TaxConcept September 25, 2023September 25, 2023
Posted inINCOME TAX

ITR latest update: Filing Revised and Belated Income Tax Returns: Rules and Implications

by TaxConcept September 24, 2023September 24, 2023
Posted inINCOME TAX

CBDT Releases Updated Common Offline Utility for Filing Income Tax Returns (ITR 1, ITR 2, ITR 3, and ITR 4) for the Assessment Year 2023-24

by TaxConcept September 23, 2023September 23, 2023
Posted inINCOME TAX

How to Respond to Intimations of Past Tax Demands for Faster Refund Processing; Income Tax Department Replied

by TaxConcept September 23, 2023September 23, 2023
Posted inINCOME TAX

Exploring Tax Implications: Agricultural Land Sales, Joint Ownership of Residential Flats, Stipends as Income, and Share Transfers as Gifts

by TaxConcept September 23, 2023September 23, 2023
Posted inINCOME TAX

Wealthy individuals get Income Tax summons over non-resident status

by TaxConcept September 21, 2023September 21, 2023

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