I-T department sets April 30 deadline for approving refunds: Report
8 months, 1 week ago

I-T department sets April 30 deadline for approving refunds: Report

Live Mint  

If you have not received your income tax refund so far, there is good news for you. The Income Tax Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related to taxpayers, sources said. Withholding refund Section 241A of Income Tax Act allows the assessing officer to withhold refund in case “such grant is likely to adversely affect the revenue.” Last month, the department said refunds amount to over ₹3.36-lakh crore issued in the FY24 till March 17 as compared to refunds of over ₹2.98-lakh crore issued in corresponding period of FY23. “All pending refunds related to e-returns filed on Income Tax Business Application for all assessment years need to be approved by Jurisdictional Assessment officers or Range Head by April 30,” said an official. “June 30 is the deadline for disposal of penalties in at least half of the cases getting time barred next March,” he said.

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History of this topic

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30
9 months ago

I-T Refunds: Taxpayers To Receive Pending Refunds For FY2020-21 By April 30

ABP News  

The Income Tax Department has issued a circular assuring taxpayers awaiting their tax refunds for the financial year 2020-21 that they will receive their payments by April 30, 2024. Upon filing a return request at the Centralised Processing Centre within the specified timeframe, taxpayers receive an intimation notice under Section 143 of the Income-tax Act, 1961, indicating the successful processing …

Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email
9 months, 1 week ago

Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email

Hindustan Times  

Income Tax: The Income Tax Department said that taxpayers who are still waiting for their tax refunds of FY2020-21 will get their payments by April 30. Income tax refunds: The Income-Tax department issues an intimation notice under Section 143 of Income-tax Act, 1961. Following a return request at the Centralised Processing Centre by a taxpayer within a specified period, the …

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing
1 year, 3 months ago

I-T dept. asks taxpayers to respond to intimation of past tax demands for faster refund processing

The Hindu  

The Income Tax department on Saturday asked taxpayers to respond to its intimation regarding outstanding demands of previous years to facilitate faster clearance of refunds for the 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T Department regarding past unsettled tax demands, the department, in a post on ‘X’ said, this is a taxpayer-friendly …

I-T Dept Working To Reduce Refund Processing Time To 10 Days: Report
1 year, 3 months ago

I-T Dept Working To Reduce Refund Processing Time To 10 Days: Report

ABP News  

The Income Tax department is planning to come up with a system to help individuals get their tax refunds in an easy and quick manner. The tax department has decided to introduce a system to reduce the average processing and issuance time for tax refunds. The report quoted an anonymous government official and said, “In 2022-23, the average time taken …

Deadline for filing I-T returns extended till December 31
4 years, 1 month ago

Deadline for filing I-T returns extended till December 31

The Hindu  

The government has further extended the due date for filing income tax returns for the financial year 2019-20. The deadline for businesses to file annual Goods and Services Tax returns and reconciliation statements for for the financial year 2018-19, has also been extended from October 31, 2020 to December 31, 2020. “Further, in order to provide relief to small and …

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