1. The Income Tax Department recently made an announcement by displaying on its website a message stating that “According to the RBI Notification, in the case of non-individuals, a Legal Entity Identifier (LEI) No. is required for credit of refunds of Rs. 50 Crores and above. For hassle-free refund processing, please submit LEI details on the Income Tax portal in Login->Dashboard->Services->LEI.”
2. Thus, this is a new requirement made by the Income Tax Department for non-individual entities where the tax refunds are of an amount of Rs. 50 Crores or more.
3. The incorporation of LEI aims to streamline and expedite the refund processing procedure for eligible firms. Entities falling within this category are advised to swiftly provide their LEI information using the officially approved online platform.
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