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Treasury May Owe Refunds If US Tariffs Are Overturned

By BPN News Desk September 8, 2025
International
U.S. Treasury Secretary Scott Bessent warned that the government may need to refund about half of the tariffs collected under President Trump’s administration if the Supreme Court rules them illegal. The potential refund, amounting to tens of billions of dollars, poses a significant challenge
Business Finance

Panel Recommends Refund Relief for Late ITR Filers

By BPN News Desk July 21, 2025
A parliamentary panel reviewing the draft Income Tax Bill, 2025 has recommended that small taxpayers should be allowed to claim income tax refunds even if they fail to file their returns by the deadline. The suggestion comes as a relief for individuals earning below the taxable limit who often lose their deducted tax (TDS) due […]
Business Finance

I‑T Dept Raids 200+ Premises Over Fake Deductions

By BPN News Desk July 14, 2025
The Income Tax Department has launched a large-scale crackdown on bogus claims made in income tax returns by individuals across India. On July 14, over 200 premises were searched as part of an operation targeting fraudulent deductions claimed under sections like 80G (donations), 80E (education loans), medical reimbursements, and other exemptions. Bogus Refund Rackets

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