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NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds - The Economic Times

Economic Times

Economic Times · 1m ago

NPCI introduces real time PAN-Bank Account linking on income tax website; taxpayers may get faster income tax refunds - The Economic Times

The National Payments Corporation of India (NPCI) has launched a new API for real-time PAN and bank account validation for government departments. This initiative aims to expedite income tax refunds and direct benefit transfers by ensuring quick, error-free processing through direct verification from banks' Core Banking Systems (CBS). The facility supports faster fraud-free tax refunds and aligns with NPCI’s mission to enhance India's digital payment infrastructure, though banks must upgrade their systems to comply.

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Related News

ITR filing 2023-24: How to check income tax refund status

Money Control

Money Control · 1y ago

ITR filing 2023-24: How to check income tax refund status

The income tax department's e-filing website allows taxpayers to check the status of their refund for the financial year 2023-24. To do so, users need to visit the website and log in, go to "View filed returns" under the "e-file" tab, and click on "View details" to see the refund status and details. The refund could be issued partially or adjusted against taxes due, or it could be rejected or fail to be credited to the bank account. Users should ensure their PAN and Aadhaar are linked and complete the pre-validation process for their bank account to avoid refund processing issues.

Parliamentary panel recommends ease in refunds to small tax payers if IT return not filed in due time

Economic Times

Economic Times · 18d ago

Parliamentary panel recommends ease in refunds to small tax payers if IT return not filed in due time

The parliamentary panel on the new Income-Tax Bill recommends easing refunds for small taxpayers even if returns are filed late. The bill, aimed at simplifying the Income Tax Act of 1961, received 566 recommendations for clarity. Key suggestions include allowing refunds without timely filing for incomes below the taxable threshold, adjusting the standard deduction for property taxes, and defining terms related to non-profit organizations and enterprises. Amendments are also suggested for advance ruling fees and TDS on provident funds.

Filed ITR will become invalid unless verified within 30 days from this date - The Economic Times

Economic Times

Economic Times · 3d ago

Filed ITR will become invalid unless verified within 30 days from this date - The Economic Times

Taxpayers must e-verify their Income Tax Return (ITR) within 30 days of filing to avoid penalties. E-verification can be done using methods like OTP on an Aadhaar-registered mobile, EVC via a bank or demat account, ATM, Net Banking, or DSC. Alternatively, taxpayers can send ITR-V to the Bengaluru processing center. Without verification, the ITR is considered invalid. The filing deadline for some has been extended to September 15, 2025.

Income Tax Returns: Pre-validating your bank account can help expedite refunds

Money Control

Money Control · 1y ago

Income Tax Returns: Pre-validating your bank account can help expedite refunds

To ensure a smooth refund process while filing your income tax return (ITR), it is crucial to pre-validate your bank account. Pre-validation involves verifying that your bank details are accurate and linked to your PAN on the income tax department's e-filing portal. This step is essential to avoid refund delays and failures. To pre-validate your account, log in to the e-filing portal and go to the My Bank Account section. Make sure to fill in the required details accurately. Pre-validation improves security, reduces errors, and streamlines the refund process for a hassle-free experience.

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Money Control

Money Control · 1y ago

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Taxpayers who received advance tax payment notices from the income tax (I-T) department can breathe a sigh of relief for now, according to tax experts. The I-T department recently identified errors in the financial transaction data reported by taxpayers for the 2023-24 financial year. As a result, some taxpayers received notices for higher advance tax payments than expected. The department has advised these taxpayers to await further updates on their annual information statements and take no immediate action. The errors were attributed to inconsistencies in securities market data reported by an unnamed entity.

India's net direct tax collection rises 23.5% y/y in April-Sept

Reuters · 1y ago

India's net direct tax collection rises 23.5% y/y in April-Sept

The Indian government's net direct tax collections increased by 23.5% to 8.65 trillion rupees ($103.9 billion) from April to September 2023. Corporate tax accounted for 4.16 trillion rupees, while personal income tax contributed 4.47 trillion rupees. Gross tax collected before refunds was 9.87 trillion rupees, demonstrating an 18.3% YoY increase. Tax refunds worth 1.22 trillion rupees were issued during the current fiscal year.

CBDT extends tax return filing deadline to Dec 15

YourStory

YourStory · 8m ago

CBDT extends tax return filing deadline to Dec 15

The income tax return filing deadline for the financial year 2023-24 has been extended by an additional 15 days to December 15. This extension applies to taxpayers who are required to furnish a report under section 92E of the Income-tax Act, 1961. The announcement was made by the Central Board of Direct Taxes, extending the deadline for the assessment year 2024-25. This extension provides relief to taxpayers with international transactions who need to submit reports under Section 92E.

Unaccounted income invested in Virtual Digital Assets on CBDT radar

Economic Times

Economic Times · 1m ago

Unaccounted income invested in Virtual Digital Assets on CBDT radar

The Central Board of Direct Taxes (CBDT) is scrutinizing tax evasion through crypto investments by high-risk individuals. Various entities and persons failing to comply with the Income-tax Act, particularly regarding Virtual Digital Asset (VDA) transactions, are under review. This follows the introduction of a 30% flat tax on VDA income under Section 115BBH of the Income Tax Act, 1961. CBDT is using data analytics for verification and has launched a campaign to encourage taxpayers to declare undeclared VDA income.

I-T dept’s e-Dispute Resolution Scheme: Will the process become simpler and quicker?

Money Control

Money Control · 10m ago

I-T dept’s e-Dispute Resolution Scheme: Will the process become simpler and quicker?

The e-Dispute Resolution Scheme introduced by the Central Board of Direct Taxes (CBDT) allows taxpayers with income up to Rs 50 lakh and variations less than Rs 10 lakh to file applications to resolve tax disputes. The scheme offers a simplified process and provides the Dispute Resolution Committee with the power to waive or reduce penalties. Taxpayers must complete the process within one month of receiving the income tax department's order, and the committee is required to pass orders within six months from the admission of the application. The scheme aims to expedite the resolution of tax disputes and reduce litigation.

Refund surge, slow advance tax drag down India’s net collections

Economic Times

Economic Times · 1m ago

Refund surge, slow advance tax drag down India’s net collections

India's net direct tax collections decreased by 1.39% year-on-year to ₹4.58 lakh crore due to a 58% rise in refunds and subdued growth in advance tax payments. Corporate tax and personal income tax contributed ₹1.72 lakh crore and ₹2.72 lakh crore, respectively. Gross direct tax collections increased by 5% to ₹5.45 lakh crore, but refunds of ₹86,385 crore reduced net collections. Officials expect future quarters to meet budget targets despite global uncertainties.

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