IT REFUND

Income tax refund: How to raise refund reissue request; a step-by-step guide

Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.

EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary

EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."

Proactive measures initiated after Delhi airport canopy collapse incident, says Aviation minister Ram Mohan Naidu

Following the canopy collapse at Delhi Airport's Terminal 1, Civil Aviation Minister Ram Mohan Naidu announced immediate measures. A war room was established to ensure refunds or alternate flights for affected passengers within seven days. The Minister expressed condolences for the loss of life and emphasized safety measures, including inspections by IIT Delhi engineers. Flight operations have shifted to Terminals 2 and 3, with advisories issued to airlines to maintain fare stability. Long-term safety policies are under review.

Outlay for export tax remission plans unlikely to change in Budget

The government is unlikely to increase the allocation for key tax remission schemes for exporters in the 2024-25 budget, despite demands for more support. In the interim budget, ₹16,575 crore was earmarked for the RoDTEP scheme and ₹9,246 crore for the RoSCTL scheme. Exporters argue for adequate allocation to maintain zero-rated exports, a government policy, as merchandise exports rose 5.1% year-on-year in the first two months of this fiscal.

6 important benefits of filing ITR

Groww offers user refund after allegations of fund deduction without investment emerge

A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.

Duty evasion up to Rs 1 crore may not lead to jail term

India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxation of tobacco and petroleum products, and operate in an automated online mode.

Non-refundable Covid advance no longer available under EPFO

According to an EPFO circular dated June 12, since Covid is no longer a pandemic, the competent authority has decided to discontinue the said advance with immediate effect and this would be applicable to even exempted establishments.

EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility

During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave

IDBI Bank shares jump over 5% on receiving income tax refund order worth Rs 2,702 crore

IDBI Bank's shares rose 5.4% after receiving a Rs 2,701.6 crore income tax refund for the Assessment Year 2016-17 from the Income Tax Department.

Bank account validation for income tax refunds: 7 reasons for failed bank account validation, action to be taken

Income taxpayers should note that having a validated bank account is essential for receiving refunds. If the validation still fails, take the following action based on the reason for failure (for integrated banks), as per the income tax department’s website.

ITR filing: This is essential to get income tax refund credited to your bank account

Income tax refund: The income tax department will scrutinise your filed returns and handle the refund once received. Note that having a validated bank account is essential for receiving of refunds.

Unclaimed shares moved to IEPF, a govt fund? Here's a step-by-step guide on how to get back shares

Unclaimed shares: If you have found that your shares have been transferred to Investor Education and Protection Fund (IEPF) then do not worry. You can get these shares back from the IEPF Authority by filling up the online IEPF-5 e-form. However before filing up thise-form you need to know certain important aspects like entitlement letter. Read here to know more.

Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes

Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.

Indian Railway train ticket booking: MakeMyTrip, Ixigo offer options to book tickets with zero-cancellation charge

Railway ticket cancellation costs are higher if the e-ticket is cancelled when departure time is less than 48 hours. However if the e-ticket is cancelled when more than 48 hours remain from the train's departure time then the cancellation cost is standard. However apps like MakeMyTrip and Ixigo have launched zero cancellation charge policy if some additional money is paid while booking the train ticket.

Kalanithi Maran to seek Rs 1,323 crore in damages from SpiceJet

According to the Sun group, as part of a share transfer agreement signed in 2015 when Ajay Singh took over SpiceJet, Maran and KAL Airways had paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran alleged that the warrants and preference shares were not allotted, and initiated arbitration proceedings against SpiceJet and Singh.

SpiceJet and Sun Group in fresh war of words over shareholders dispute

The Delhi High Court had set aside its earlier order upholding the arbitral award in favour of Kalanithi Maran and against low-cost airline SpiceJet, bringing in relief for the cash-strapped carrier.

ED makes 5th arrest in Mumbai Income Tax refund fraud case

The Enforcement Directorate arrested Purshottam Chavan in connection to a Rs 263 crore income tax refund fraud money laundering case. He was taken into custody after a raid on his Mumbai premises and has been detained until May 27. This is the fifth arrest in the case. The investigation involves alleged fraudulent issuance of TDS refunds. Chavan accused of attempting to obstruct the probe by destroying evidence.

SpiceJet to seek Rs 450 cr refund from erstwhile promoter Maran following Delhi HC ruling

SpiceJet plans to reclaim Rs 450 crore from former promoter Kalanithi Maran and KAL Airways, following a Delhi High Court division bench ruling in its favor. The airline previously paid Rs 730 crore to Maran, including principal and interest. The decision overturns a previous order and highlights unresolved legal issues.

Income tax return: Who is not eligible to file ITR-1 form in AY2024-25

This income tax return (ITR) can be filed by a Resident (other than Not Ordinarily Resident) Individual with total income from any of the following sources up to Rs 50 lakh. Sources Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Interest from Savings Accounts; Interest from Deposits (Bank /Post Office / Cooperative Society); Interest from Income Tax Refund; Interest received on Enhanced Compensation; Any other Interest Income

Union Bank Net Rises 19% on Big IT Refund, Interest Income

The bank received ₹497 crore as income tax refund in the quarter ending March as against ₹8 crore in the comparable period, which helped to push up profits for the fourth quarter.

Air India Express flight delay: Airline announces WhatsApp number for getting full refund. Here are details

Air India Express announced the cancellation of 85 flights and the termination of 30 crew members. Passengers affected by flight cancellations or delays exceeding three hours have the option to receive a full refund or reschedule their travel without incurring any fees. The official statement from Air India Express provided contact information for assistance via WhatsApp or their website.

Air India Express cancels more than 80 flights after crew members 'fall sick at last moment'

Air India Express has cancelled more than 80 flights due to a mass 'sick leave' by its senior crew member, leading to flight delays and cancellations. Civil Aviation authorities are investigating the issue, while the airline is working to minimise inconvenience to passengers and offering refunds or rescheduling options. Passengers are advised to check the status of their flights before heading to the airport.