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The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has ruled that biscuits can be considered ‘foodstuff’ and thus qualify for the exemption from service tax. The bench, comprising R. Muralidhar (Judicial Member) and K. Anpazhakan (Technical Member), has granted the refund that was initially denied by the adjudicating authority due to […]
The majority of the people as well as firms noticed it easier to claim income tax refunds and suffer the shortage of waiting durations for obtaining that which shows the private survey of more than 3500 respondents. More than half the respondents in the survey performed via the industry body Confederation of Indian Industry (CII) […]
With 3.5 million tax refund cases currently in a state of delay, the Income Tax (IT) department is contemplating the organization of campaigns to aid taxpayers. Additionally, they are actively exploring alternative methods to expedite the refund processing. The manual processing of income tax refunds was fraught with challenges in the past. To streamline this, […]
The income tax department has set its plan to reduce the processing time for tax refunds. An official report indicates that the tax department is considering a reduction from the current 16 days to a 10-day period for processing tax refunds. This proposed timeline is anticipated to take effect within the current fiscal year. A […]
If you receive a message showing that your income tax refund has been approved, whether it be for Rs. 15,490 or any other sum, and it asks to update or verify your bank account in order to collect the refund, ignore it as a fraud and refrain from replying. A large number of taxpayers are […]
To prevent litigation the Income tax department diminishes the time duration required for the tax officers to decide on the refunds adjustments against outstanding tax dues to 21 days. The notice circulated by the Directorate of Income Tax (Systems) that the time limit has been reduced to 21 days, which was 30 days for the […]
31st July 2024 was the due date to furnish the ITR for the individual assessee for the assessment year 2024-25. The assessee, qualified for the refund in the case of the surplus tax payment. The same might comprise the instances in which the employers deduct higher income tax towards the salaried employees during the times […]
The tax refund will not take place towards the extent of the non-reversal ITC under GST said by the commissioner. The petitioner is the owner of the M/s Stone Craft (India) Pvt Ltd which is a 100% exporter and poses the business of purchasing, processing, and exporting of the natural stone and does not involve […]
Did you furnish a less amount of tax refund with respect to your claim during filing of the ITR for FY 2020-21? If yes then there are similar people who pose the same issues there are various tax returns filers this year who received lower tax refunds this year. The reason behind this was that […]
