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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: cpt
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

Tax refunds may come only next fiscal
January, 29th 2007

Stiff collection target prods CBDT to try its luck with Chidambaram
 
The revenue department may defer tax refunds amounting to Rs 20,000 crore until April 2007.
According to sources in the Central Board of Direct Taxes, the proposal to defer it to the next fiscal will be discussed with finance minister P Chidambaram in early February. They, however, said the minister had in the past been always keen that refunds were made on time.

The CBDT sources said, Chidmabaram had recently raised the internal direct tax collection target for the current fiscal by 12% to Rs 2,30,000 crore against the Budget estimate of Rs 2,10,000 crore. The board was confident of reaching the revised target. At the same time, it felt that refunds in the last quarter of the fiscal might just spoil its chances of fully achieving the target.

Gross direct tax collection until January 22 stood at Rs 1,82,880 crore, with corporate tax collection growing 43.2% to Rs 1,18,183 crore and personal income tax collection shooting to Rs 56,288 crore, an increase of 27.3% over the same period last fiscal.

The department has already issued refunds amounting Rs 27,438 crore until now. However, over Rs 20,000 crore in refunds are still pending.

If a refund is delayed by over three months, the assessee can claim 0.5% interest a month on the amount, according to Section 244A of the I-T Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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