Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: list of goods taxed at 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBDT seeks suggestions on framing of rules on country-by-country reporting
 Is it the end of the road for tax havens?
 Government Collects Rs 3.86 Lakh Crore as Direct Tax Till September
 TDS IS PART OF SUM PAYABLE TO PAYEE and is trading liability- interest paid for delayed deposit of TDS is allowable expenditure
 Deductions Under Section 10b Of Income Tax Act, 1961 To Export
 CBDT signs 2 more APAs with taxpayers in September
 PM Narendra Modi seeks simpler rules to raise direct tax share from '07 low
  E-filing income tax return: How individuals can upload any ITR using excel utility

CBDT promises foolproof income-tax refund system
January, 27th 2010

The Central Board of Direct Taxes (CBDT) said on Monday that all high-value refunds issued during the current fiscal will be cross-verified. Also, the system of handling high-value refunds will be replaced with a more robust and foolproof system.

These decisions come in the wake of recent income-tax refund fraud in the Mumbai jurisdiction. An officer in the Income-Tax Department, Mumbai, noticed on or about January 12 that refunds had been issued from his jurisdiction without his knowledge or approval of his higher authorities. The officer immediately brought the matter to the notice of his superior officers.

On an internal inquiry by the Income-Tax Department, it was found that user Ids and passwords of certain officers had been fraudulently used to generate refunds in some cases.

An official release said that a slew of actions were taken by the Department to contain the damage. The CBDT said that stop payment orders were issued. As a result, refund outgo in at least two cases could be prevented.

Investigation and search action was undertaken by the Directorate of Income Tax (Investigation), Mumbai, to detect the bank accounts to which the refunds had been credited and the beneficiaries. IT investigators have identified the bank accounts , beneficiaries and some of the scamsters involved. Also Mumbai police and Central Bureau of Investigation have been informed.

A high-value refund generally refers to one involving an amount of over Rs 1 lakh, according to CBDT spokesman here.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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