Archive | Income Tax Refunds

Sign on bonus refunded to employer cannot be reduced from taxable salary: case law

While salary returns are one of the easiest to prepare and file; the topic of sign on bonus and its refund to previous employer, has been a grey area for most taxpayers. Some common questions that get asked are- Should sign on bonus form part of my taxable salary if I have already returned it […]

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Faster tax refund of past years from the tax department

In a recent press release the income tax department has issued directions to its officers and the Central Processing Centre (CPC) at Bengaluru to expedite pending refunds. Refunds below Rs 50,000 for assessment year 2013-14(financial year 2012-13) and assessment year 2014-15(financial year 2013-14) must be processed as early as possible as per the directive. If […]

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Read on if you waiting to receive your Income Tax Refund

Complying with tax laws and paying taxes may be good for our soul, but receiving a refund brings true happiness. Before you waste precious time logging into your bank account to check for refund, make sure that your return was ‘e-filed’. The tax department mandated that returns with refunds (starting financial year 2014-15) must only […]

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CBDT’s circular regarding condoning of delay in claiming refund & carry forward of loss

Delays by tax payers in filing claims for income tax refund are common. Similarly tax filing by some tax payers may have been delayed due to genuine reasons which impacts carry forward and set off of loss. CBDT has recently issued circular where procedure has been laid down for condoning which means pardoning or forgiving […]

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