News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Direct Tax »
 CBDT allows income tax authorities to share information with CCI
 Know tax treatment of gains/losses from stock trading
 Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
 High value transactions, other details that your tax passbook will show Form 26AS
  Check fine for late filing and misreporting income Income Tax Return
 Income tax rules for mutual fund investment: How gains are taxed
 Don't make these mistakes while filing ITR to avoid tax noticea
 Notification No. 49/2020 CENTRAL BOARD OF DIRECT TAXES
 Going to file your Income Tax Return? Know which ITR Form to use
 TDS on Cash Withdrawals: CBDT clarifies on Validity of Exemption Notifications
 The big-ticket transactions that can bring you under the radar of the I-T dept

CBDT allows Processing of Income Tax Refund claims for Old Non-Scrutiny cases till Oct 31, 2020
July, 13th 2020

The Central Board of Direct Taxes (CBDT) has allowed processing of income tax refund claims in non-scrutiny cases for assessment years up to 2017-18 till October 31, 2020, instead of the earlier date of December 2019, allowing clearing up of old refunds cases.

“All validly filed returns up to assessment year 2017-18 with refund claims, which could not be processed under Section 143(1) and which have become time-barred, subject to exceptions, can now be processed with prior administrative approval of Pr CCIT/ CCIT concerned and intimation of such processing can be sent to the assessee concerned by October 31, 2020,” the Board said in the order.

The main objective of the Board to give such re-opening of the relaxation window was to prevent genuine hardships for taxpayers and address their pending grievances, in an order issued on Friday, since many taxpayers were not able to claim the past refunds due to some technical glitch or other issues.

The exceptions include returns that are under scrutiny, where returns remained unprocessed either demand is shown as payable in the return or is likely to arise after processing it and returns remain unprocessed for any reason attributable to the assessee.

The earlier window was opened from the end of the financial year to be filed until December 2019. Experts said that the move will help provide required liquidity during ongoing tough times.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting