The government on Tuesday said around 49 lakh cases of income tax refunds are pending with the revenue department.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
The snake, suspected to be a spectacled cobra, was stuck in the adhesive tape used for the packaging, said the couple, who had ordered an Xbox controller from the online retail giant.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
Chinese sporting authorities have cancelled next month's friendly international between Argentina and Nigeria amid a growing backlash against Lionel Messi's failure to play in an Inter Miami match in Hong Kong last week.
Market regulator asks bankers to use real time gross settlement system for IPOs.
Option can be exercised only for self-applications and after a year of non-payment.
16 lakh refunds worth crores lying unclaimed at I-T.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The environment ministry is likely to soon issue regulations that will mandate automakers to recycle a specified percentage of steel from old vehicles, starting from the next financial year, according to people familiar with the matter. "We recently held a meeting with members of the Society of Indian Automobile Manufacturers (Siam). "The final regulations are likely to be issued in the next 10 days," a government source informed.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh (Rs 300,000) and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
In a major setback to the leading telecom giant, telecom tribunal TDSAT on Wednesday dismissed Bharti's petition for refund of Rs 135 crore (Rs 1.35 billion) paid by it as licence fees for entry into basic services prior to the new uniform licencing
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
Taxpayers can claim a refund when their income tax (I-T) liability is less than the tax they have paid in a financial year. Refund can be claimed only by the person to whom it is due.
The recent suspension of the ailing airline's licence have hundreds of people making enquiries at Kingfisher's office in Dubai and other travel agents, none of whom are able to give a solution to the troubled passengers.
The country's gross GST collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports. GST collections breach landmark milestone of Rs 2 lakh crore, the finance ministry said in a statement.
BCCI has refunded 30 percent of franchise fees paid for IPL 2016 by suspended franchises, Chennai Super Kings and Rajasthan Royals.
Complying with the Trai directive, Idea Cellular has stopped levying one time migration fee from one of its tariff plans to the other and has refunded the subscribers their due amount.
Every taxpayer should prefer filing income tax return online in order to avail full benefits associated with it and to remain hassle free.
Airline systems across airports, which were impacted due to a global IT outage on Friday, have started working normally, and all issues are likely to be resolved by noon on Saturday, Civil Aviation Minister K Rammohan Naidu said. The ministry is constantly monitoring the operations at airports and airlines to ensure travel readjustments and refunds are taken care of, he added.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Section 19(4) of the RERA Act entitles allottees to a refund if the developer doesn't comply with the terms of the sale agreement.
Dubai-based low-cost airline, flydubai, has refunded the ticket cost to all its passengers, after being forced to defer its plans to launch three routes to India, it has been revealed.
Here's the procedure of getting your income tax refund quickly which you have not been able to get within stipulated time.
Delay in issuance of income tax refunds has topped the list of complaints received by Income Tax Ombudsman (North West Region) within three months of setting up of its office in New Delhi.
If you don't make the necessary adjustments after October 1, 2024, you'll stop earning interest on accounts that aren't in compliance rediffGURU Milind Vadjikar
GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the finance ministry said on Monday. The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.14 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
The Mumbai Cricket Association has decided to refund the ticket money paid by spectators to watch the seventh and final One-Day International between India and Australia, which was washed out without a bowl being bowled on Wednesday. The modalities of refunding the ticket money will be decided on Friday said MCA vice-president and former India captain Dilip Vengsarkar.
To check the status of their refund, taxpayers can log in at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
Delay in receiving income tax refunds has been a major complaint of taxpayers and the department is hoping to address the issue on priority basis.
The Telecom Regulatory Authority of India (Trai) has directed Vodafone Essar Mobile Services to refund value-added service (VAS) charges that were levied without "explicit consent". However, the regulator did not specify the amount the GSM major has to refund to the consumers.
Taxpayers are advised to furnish their bank details and electronic clearing system number in their tax returns, so that their refunds can be credited to bank accounts electronically, an official said. "With the Refund Banker scheme in place all over the country shortly, the Income Tax Department envisages no difficulty in processing refund cases," the official said.
Latest exercise follows two similar attempts made by Sebi in the past
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
Finance Minister Nirmala Sitharaman on Thursday said there are no changes in tax rates for direct and indirect taxes, including import duties. She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.
