{"id":9321,"date":"2020-05-25T15:13:24","date_gmt":"2020-05-25T09:43:24","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=9321"},"modified":"2020-11-09T18:34:40","modified_gmt":"2020-11-09T13:04:40","slug":"cbdt-notice-on-refunds-release-welfare-fund-eligibility-for-it-may-2020","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/cbdt-notice-on-refunds-release-welfare-fund-eligibility-for-it-may-2020\/","title":{"rendered":"CBDT Notice on Refunds Release &#038; Welfare fund Eligibility for IT: May, 2020"},"content":{"rendered":"\n<p class=\"has-drop-cap\">On 1<sup>st<\/sup> April, 2020, the Central Board of Direct Taxes (CBDT Notice) has disclosed the fact that they have released\/issued tax refunds worth\u20b926,242 Cr. to assessees. It got applicable from <strong>1st April 2020 to 21st May 2020. <\/strong><\/p>\n\n\n\n<p><strong>Income\nTax and Corporate Tax Refunds:-<\/strong><\/p>\n\n\n\n<ul><li>CBDT Notice has opined to\nrelease the\n<strong>Income Tax refunds<\/strong> amounting to\u20b914,632\ncrore. It has been allotted\/issued to 15, 81,906 assessees concerning the same\ndue dates as mentioned.<\/li><li>CBDT Notice has also released <strong>Corporate tax refunds<\/strong> amounting to\u20b911,610\ncrore, which have been issued to 1, 02,392 assessees for the duration of this\nperiod-mentioned above. <strong><\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Footsteps for \u201cAatma Nirbhar\nBharat Abhiyan\u201d<\/h2>\n\n\n\n<ul><li>It has\npropounded that the refund process will get accelerated, and as per the\nstatements, the refunds are being issued at a larger pace. It is because of the\ndrawn footsteps by the Union Finance Minister <strong>Smt. Nirmala Sitharaman\u2019s<\/strong> announcement furnished in the Aatma\nNirbhar Bharat Abhiyan.<\/li><\/ul>\n\n\n\n<p><strong>Statistics evaluated for issues of refunds:-<\/strong><\/p>\n\n\n\n<ul><li>Complying\nwith the refunds, the statistics say that CBDT Notice has released a sum of \u20b9 2050.61\ncrore in the earlier week ended on 16th May.<\/li><li>They\nhave released in between <strong>9th to 16th May\n2020, to 37,531 income tax assessees<\/strong>. Moreover, a sum of \u20b9 867.62 crore to\n2878 has been released to corporate tax assessees.<\/li><li>In between\n17th to 21st May 2020, for the duration of this week, another 1,22,764 income\ntax assessees were reimbursed\/refunded \u20b9 2672.97 crore and 33,774 corporate tax\nassessees.<\/li><li>It\nincluded all <strong>trusts<\/strong>, <strong>MSMEs, proprietorships<\/strong>, <strong>partnerships<\/strong>, etc. which got issues of\nrefunds worth\u20b96714.34 crore, considering the total amount refunded to\u20b99387.31\ncrore in the case of 1, 56,538 assessees.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"576\" height=\"389\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-117.png\" alt=\"income tax assessees\" class=\"wp-image-9322\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-117.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-117-300x203.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-income-tax-slab-and-rate-for-financial-year-2020-21\/\">Income Tax Slab and Rate for financial year 2020-21<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Welfare Fund Board &amp; Kerala\nCooperative Development: CBDT Notice <\/h2>\n\n\n\n<p>As per the <strong>CBDT Notification No. 26\/2020<\/strong>&#8211; The <strong>Kerala Cooperative Board<\/strong> and <strong>Welfare Fund Board<\/strong> are eligible for Income Tax Exemption.<\/p>\n\n\n\n<ul><li>Hereby, the Central Government informs \u2018Kerala Cooperative Development and Welfare Fund Board\u2019, a Board constituted by the Government of Kerala, in respect of the detailed income rising under \u2018<strong>section 10(46)<\/strong>\u2019 of Income Tax Act, 1961.<\/li><li>The Central Board of Direct Taxes (CBDT) has notified them on Thursday about the eligible for Income Tax exemption under Section 10(46) of the<strong> Income Tax Act, 1961<\/strong><sup><a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/acts\/income-tax-act.aspx\"><strong>[1]<\/strong><\/a><\/sup> for <strong>five Assessment Years 2019-20 to 2023-24<\/strong><\/li><\/ul>\n\n\n\n<p><strong>Membership Constitution:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"582\" height=\"336\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-118.png\" alt=\"Income Tax exemption under Section 10(46) \" class=\"wp-image-9323\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-118.png 582w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/05\/image-118-300x173.png 300w\" sizes=\"(max-width: 582px) 100vw, 582px\" \/><\/figure>\n\n\n\n<ul><li>It was\nconstituted by the Government of Kerala, in terms of the Membership Fees; Risk\nFund Contribution; Annual Renewal Fees; Membership Fees, Annual Renewal Fees,\nand Contribution\/Assistance detailed income arising to the Board.<\/li><\/ul>\n\n\n\n<ul><li>The\nCBDT Notice shall be operational on subject to the conditions that \u2018Kerala Cooperative\nDevelopment\u2019 and \u2018Welfare Fund Board\u2019 only when they <strong>shall not be engaged<\/strong> in few specified <strong>categorical activities<\/strong>.<\/li><\/ul>\n\n\n\n<p><strong>Those activities are as follows:- <\/strong><\/p>\n\n\n\n<ul><li><strong>Commercial<\/strong> activity; <\/li><li>Nature of activity with specified income, which shall <strong>remain unchanged<\/strong> during the course of financial years; <\/li><li>They shall <a href=\"https:\/\/corpbiz.io\/income-tax-return-filing\"><strong>file Income tax return<\/strong><\/a> in accordance with the provision of \u2018clause (g) <strong>of sub-section (4C)<\/strong>\u2019 of \u2018<strong>section 139\u2019<\/strong> of the Income-tax Act, 1961; <\/li><li>They shall file the <strong>\u2018audit report\u2019<\/strong> as well as with Annual Return. They should be duly <strong>substantiated by the accountant<\/strong> as provided an explanation to \u2018Section 288(2)\u2019 of the Income Tax Act, 1961. It should adhere to the rules and provide a certificate from the chartered accountant, that the above circumstances are fulfilled. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>It must be noted that the CBDT Notice shall apply with respect to the assessment years, starting from 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024 as per the given notification. Our <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> group is ready to help you if you want expert advice related to Income Tax and Fund management. We will help you to ensure complete procedure as per your desired activities, ensuring the successful and well-timed achievement of your work.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/difference-between-direct-tax-and-indirect-tax\/\">\nWhat is the Difference Between Direct Tax and Indirect Tax\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 1st April, 2020, the Central Board of Direct Taxes (CBDT Notice) has disclosed the fact that they have released\/issued tax refunds worth\u20b926,242 Cr. to assessees. It got applicable from 1st April 2020 to 21st May 2020. Income Tax and Corporate Tax Refunds:- CBDT Notice has opined to release the Income Tax refunds amounting to\u20b914,632 [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":9325,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[596],"acf":{"service_id":"78"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.","postViews":3484,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9321"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=9321"}],"version-history":[{"count":16,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9321\/revisions"}],"predecessor-version":[{"id":19232,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/9321\/revisions\/19232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/9325"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=9321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=9321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=9321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}