Anomalies surrounding ‘ Issuance of Refunds’ under the Income Tax Act I Provisions enumerated under the Income Tax Act i) If any person satisfies the Assessing officer that the amount of tax paid or payable by him or on his behalf exceeds the amount for which he is chargeable under the Income Tax Act (herein referred to as the ‘ITA’), he shall be entitled to a ‘refund’ of the excess. ii) Every claim for refund under Chapter XIX of the ITA shall be made by furnishing a return of income in accordance with the provisions of section 139.Section 244A specifies the rate of interest which is one-half percent and the time period for which the interest shall be calculated in different cases. iii) Considering the modus operandi of the authorities, genuine tax payers face hardships in the grant of refund and moreover the threat of revenue collecti...
Our Finance Minister-Mrs. Nirmala Sitharaman addressed a Press Meet on 13th May, 2020 to enumerate measures with regards to the Relief Package announced by our Hon'ble PM Mr. Narendra Modi to help India fight the economic damage done by the outbreak of COVID-19. A slew of measures were announced for granting collateral free credit facilities to MSMEs (Micro,Small and Medium Enterprises) and NBFCs (Non Banking Finance Corporations) for reviving the slumped businesses. MSMEs and NBFCs were promised a total credit of 3-4 lac crores with GOI (Government of India) backing the guarantees. The scheme can be availed till 31st October,2020. For business compliance and self employed professionals as well , several measures were listed out as below: Rates of TDS/TCS in respect of non salaried payments shall be reduced by 25% from 14.05.2020 to 31.03.2021 (as per the below table) except the following: Where a resident person does not furnish his PAN or Aadhaar and tax is deductible at a higher...