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: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: TDS :: ACCOUNTING STANDARD :: form 3cd
 
 
« News Headlines »
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps

Tax refund cases of over Rs 5 lakh to come under scrutiny
January, 14th 2008

The Finance Ministry has issued instructions to field formations to ensure that cases involving final refunds of over Rs 5 lakh do not remain outside the scope of scrutiny selection.

Certain cases had come to the notice of the Board (Central Board of Direct Taxes) where the initial refund determination was less than Rs 5 lakh but subsequently after factoring in certain TDS or credit of tax paid, the final refund was exceeding Rs 5 lakh. Instructions have been issued to commissioners to ensure that such cases are brought to the notice of DIT (systems) so that they do not remain outside the scope of computer-aided scrutiny selection (CASS), a Finance Ministry official said.

The official made it clear that there was no change in the scrutiny norms already laid out for the current fiscal. We are only trying to ensure that nobody gets an unfair advantage when the final refund is determined and escape the process of law by remaining outside the scope of selection of scrutiny cases, the official added.

It was also highlighted that the latest instruction would not impact large number of tax assessees. There may be only a few hundred cases that may get covered by this instruction. The impact will not be much, the official maintained.

The latest instruction does not relate to any particular category of assessees, but in general to refund cases where the eventual refund exceeds Rs 5 lakh, an official said.

Already, as per the CBDT norms for the current fiscal, under selection of cases meant for scrutiny, all banks and public sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed as on March 31, 2007 are covered.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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