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 STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: list of goods taxed at 4% :: cpt :: empanelment :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer
  Tax dept makes public list of defaulters owing Rs448 crore
  Filing of online return for 3rd quarter of 2016-17 extension of period thereof

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