Tax alert: Procedure to withhold refund laid down, monetary limit of INR 1 million introduced has been saved
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Tax alert: Procedure to withhold refund laid down, monetary limit of INR 1 million introduced
17 November 2023
The Central Board of Direct Taxes, vide Instruction No. 02/2023 dated 10 November 2023, has provided monetary limit of INR 1 million, workflow details and the timeline for withholding of refund by the Income Tax authority, based on the reason that grant of refund is likely to adversely affect the Revenue and the assessment, or if reassessment proceedings are pending.