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: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
Indirect Tax »
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre

December, 28th 2012



Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013. Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No. Financial Year Refund (in Rs. crores)
1 2009-10 57349
2 2010-11 73441
3 2011-12 *95278
4 2012-13 (upto Oct. 2012) *51908

*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:

(i)  Promoting e-filing of the returns for speedy processing

(ii)  Issuance of refunds through Refund Banker

(iii)  Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

(iv)  Through Citizens' Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

(v)  TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

(vi)  Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

(vii)  Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

(viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.


Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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