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: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: due date for vat payment :: VAT Audit
 
 
« News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

CBDT to get banker to handle I-T refunds
November, 04th 2006

With a view to further tighten and monitor income tax refund procedures, the Central Board of Direct Taxes (CBDT) on Friday announced launching a pilot project by designating a bank as a refund banker.

The rationale behind the move is to do away with the system of manual refunds of tax through officers authorised to issue income tax refund orders (ITROs). The decision has come in the wake of the recent I-T refund scam in Delhi, when fake refund vouchers running into crores of rupees were encashed. Investigations had shown some tax officers were also involved in the scam.

The refund bank will now directly issue refunds to the bank account of the taxpayer through the electronic clearance scheme (ECS). ECS is at present operational in 25 cities of the country, however without the system of a refund banker.

Sources said the I-T department is likely to tie up with State Bank of India to act as the refund banker. A pilot-run is scheduled for January to March, 2007, to ensure the entire process runs smoothly and to ensure the problems faced in e-filing of corporate returns do not dog this system as well.

The CBDT has also made it mandatory for taxpayers to quote their account details in their tax returns. This will ensure they get their refunds quickly and safely. Tax authorities also found many returns filed without correct bank account numbers and this has created a lot of confusion.

The tax authorities have recently taken a number of measures to prevent fraudulent encashment of refunds. Significant amongst these is the cross verification of high-value refunds by the clearing bank from the issuing officer in the I-T department. The move is likely to have a great impact on taxpayers considering the fact that in 2004-05, over 6 lakh I-T returns were filed involving over Rs 1,300,000 crore.

 
 
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