« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Chidambaram favours accrual-based accounting... Govt may farm tax carrots to lure corporates to fields... » CBDT asks I-T to pay interest on tax refunds May, 10th 2007 The Central Board of Direct Taxes (CBDT) has directed income tax establishments across the country to ensure they pay the interest due on tax refunds.   Any delays in executing this will result in the department forking out additional interest on a refund. There is no provision for payment of interest on refunds in the Income Tax Act, 1961.   The CBDT directive, issued recently, has come into effect, with the board specifying that interest is to be granted simultaneously with tax refunds.   The CBDT directive follows the recent Supreme Court order over-ruling the Gujarat High Courts ruling in a matter related to Sandvik Asia Ltd.   The Supreme Court, while pronouncing a decision in the case on January 27, 2006, slammed the income tax department for delay in tax refunds to Sandvik Asia. The court said there was no question of the delay being justifiable as was being argued by the income tax department.   The CBDT has also revised the guidelines for the rewards claimed by the officers and staff for block returns . Block returns are filed on undisclosed income after investigation and search made by the I-T officials. Under the revised guidelines, an officer will get his reward provided the assessee agrees to pay the tax on an undisclosed income.   Further, such income should not have been disputed in an appeal and no petition is made to the Settlement Commission. Further, a year must have passed for the award claim, from the day the relevant assessment was made.