If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
"The customers had entered into a three-year contract with us. If we have to sell the apartments at a discounted rate, the customers who are backing out should make up for it," an official said. "If DFL tries to re-sell its apartments in the open market, it will have to reduce prices by a further 10-15 per cent. The new buyers know the expected supply is more than demand," said Rupesh Sankhe, equity analyst, Centrum Broking.
In a suit filed against Tata America International Corporation (TAIC) and its parent corporations -- TCS and Tata Sons Ltd -- on Tuesday, Gopi Vedachalam, contends he was instructed to sign over his federal and state tax refund checks to TCS.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Spectators chanted "refund" after Messi stayed on the bench during the match.
Sahara Group on Friday assured the Supreme Court that its two companies which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors will refund the amount within three months.
State-owned MTNL will soon reap a tax refund windfall, as the Income Tax department has been asked to return a whopping Rs 1,233 crore (Rs 12.33 bilion) to the telecom PSU
Reliance Industries may ask the government for a refund of its investment if it is forced to give up any part of the prolific KG-D6 block as it has spent a huge sum of money on exploration after obtaining necessary permission to retain the entire 7,645-sq km area.
Delay raises doubts about govt's tax reform plans.
Govt steps up security to check criminals seeking bank details of taxpayers
the processing of the returns to determine refunds is an ongoing and continuous process and a return can be processed up to one year.
The Supreme Court on Wednesday directed real estate giant Supretech to give back money to flat owners who had sought refund of their investments within a month after its 40-storey residential twin towers Apex and Ceyane in Noida were directed to be demolished by Allahabad High Court.
Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.
Supreme Court on Tuesday upheld a Telecom Dispute Settlement Appellate Tribunal order directing the Government to refund the interest on licence fee collected by it from four operators
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
Flight AI173 from Delhi was diverted to Magadan in Russia on Tuesday owing to an engine glitch, the Tata Group-owned private carrier said in a statement.
The bid document can be bought for a non-refundable fee of Rs 5 lakh and last date of purchase of will be June 26.
A communication goof-up between Vijay Mallya-promoted Kingfisher Airlines and its banker saw a cheque of Rs 12,975 bounce, much to the embarrassment of the country's largest private carrier, which promptly arranged a bank draft for the recipient.
SpiceJet will have to refund fare to passengers due to a flight delay.
The National Consumer Commission has told KEL to refund the cost of Rs 41,970, besides compensation of Rs 5,000.
DLF, the country's largest property developer, may retrade its apartments at New Town Heights, Gurgaon, and Garden City, Chennai, at a discount. This is to refund buyers who want to exit the projects, according to a senior company official.
Or impolite behaviour of tax officials or other issues related to the income tax department? The Tax Ombudsman can help you.
This at a time companies have asked the revenue department to increase the rate in view of higher bank rates.
The refund also includes interest payment of Rs 166.19 crore (Rs 1.66 billion), which would increase the net profit of MTNL for the last financial year. "The interest component will have an impact on our net profitability. We are expecting it to go up by about Rs 120 crore," MTNL Director (Finance) Anita Soni told PTI. The company has lined up huge investments to ramp its GSM capacity both in Delhi and Mumbai and also broadband network.
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
The investor education and protection fund authority (IEPFA) has reached out to top hundred companies to reduce the documentation required for individuals trying to claim their shares, according to a senior government official. Recently, the Supreme Court-appointed expert panel on the Adani-Hindenburg case had raised issues such as capacity constraints faced by IEPFA in clearing these claims which are over Rs 5,000 crore. "Our immediate priority is to ensure that claims of those investors whose application was approved a year ago but the transfer has not gone through yet are settled first.
In a blow to Tata Teleservices, the Telecom Regulatory Authority of India has asked the company to refund the excess amount charged from customers under its Walky plan.
The BJP lost 15 of the 80 Lok Sabha seats in 2019. Union ministers have been deployed in all 15, tasked with turning the result around.
"The prime minister's post is very dignified and he should not have made personal attacks, but I did not mind. He does not give answers, but only makes promises which are hollow," Rahul said, addressing an election rally.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
The Kolkata-based UCO Bank will refund nearly Rs 4,000 crore (Rs 40 billion) to applicants who had bid for the bank's initial public offering last month, V P Shetty, chairman and managing director, UCO Bank, said on Friday.
In a landmark judgment that delivered a big blow to the government, the Supreme Court on Thursday annulled the electoral bonds scheme, saying it violates the constitutional right to freedom of speech and expression as well as the right to information.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
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