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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

In first eight months, Income Tax refunds up 6.7%
December, 07th 2010

Income tax departments schemes for speedy issuance of I-T refunds seem to be paying off well. Income tax refunds have picked up encouragingly during the first eight months of the current fiscal by 6.7 per cent compared to the corresponding period a year ago. As on November 27, 2010, tax refunds stood at Rs 38,320 crore as against Rs 35,915 crore last year, official sources told The Indian Express.

Refund for the year 2009-10 stood at Rs 58,046 crore while that for 2008-09 stood at Rs 41,445 crore. In 2007-08, income tax refunds stood at Rs 40,965 crore. Refund is paid by the department to assessee when the amount of tax paid exceeds the amount of tax payable. The department pays simple interest at a prescribed rate on the amount of such refunds.

Pendency in such refunds leads to outflow of revenue from the government by way of interest. The government has paid Rs 12,565 crore by way of interest on the refunds pending from 2005-06 to 2008-09.

The department has been working towards making the system of refunds smooth. For the purpose, it has established, what is called, Central Processing Centre (CPC), that helps in processing electronically filed returns in the country. A CPC at Bangalore started functioning fully from the current fiscal and the government plans to set up two more such centres.

Apart from expediting the entire process of filing returns and issuing refunds, it has encouraged more tax payers to resort to electronic filing of returns.

The processing of tax returns is a low-skilled copious activity due to which the process of refund and follow up action on recovery of underpayments becomes slow. This has been taxing the department in terms of interest payment on delayed refunds and taxpayer dissatisfaction.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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