Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: form 3cd :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: empanelment
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Tax refund now straight in your account
October, 19th 2009

It could mean the end of certain income tax officials releasing your tax refund only after youve paid up.

From October 1, the I-T department is crediting tax refunds directly to the bank accounts of taxpayers.

The Central Board of Direct Taxes that governs the department has said refunds should be transferred directly from the departments online system to taxpayers accounts. The idea is to reduce direct interaction between assessment officers and taxpayers.

Taxpayers will now have to mention their account numbers when they file returns. Until now, getting the refund directly credited to their accounts was one of the options available to assessees. It will now be the norm.

Chief Commissioner of Income Tax, Mumbai, R.K. Singh said the system would be put in place gradually and those who have already opted for refunds through cheques will continue to receive them by post.

I-T officials said the new system would not only reduce their workload but also save taxpayers the trouble of running to department offices for refunds. Every year, there are complaints that some assessment officers are intentionally holding back refunds and asking for a cut to release them, said a senior I-T official, requesting anonymity. He added that officials often demanded 10 per cent of the refund amount as their share.

Now, the assessment officers job ends at processing the returns. Then, the system automatically calculates the refund amount and instructs the bank to transfer this to the taxpayers account.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions