« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.