Income Tax Systems show pending refunds of Rs. 29000 crores approx
In a recent communication issued by the Director of Income Tax (Systems), New Delhi, a sum of Rs. 28941.50 crores (for cases with refund greater than Rs. one crores) is showing as pending in the system. The data of pending refund pertains to both scrutiny cases and non-scrutiny processing cases with respect to various Assessment Years (i.e. 2013-14, 2014-15, 2015-16 and 2016-17). Out of the said amount, Rs. 27361.48 crores belongs to scrutiny cases, while Rs. 1580.02 crores relates to Non scrutiny cases.
Presently, Assessing Officers are required to complete scrutiny proceeding in lTD system or on Income Tax Business Application (ITBA) as well as process e-filed returns transferred by CPC in certain scenarios for various AYs.
The DGIT(Systems) has requested that all Assessing Officers may be immediately directed to verify the accuracy of the pendency for processing as well as scrutiny completion since it is possible that the same may have been done manually and the order not uploaded on the system.
Read the Communication from DGIT(Systems) Click Here >>
It can never be the object of assessment proceedings to find an empirically, absolutely correct solution on every fact issue…
Penalty u/s 270A deleted as assesse filed revised computation during scrutiny correcting the mistake which was noticed only after the…
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous…
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment - ITAT In…
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts…
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified "384" as Cost Inflation…