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 :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: empanelment :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: VAT Audit
 
 
Direct Tax »
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17

Central Board of Direct Taxes implements efficient tax refund system
January, 27th 2010

The Central Board of Direct Taxes (CBDT) announced the revivification of all high-value refunds issued during the current fiscal year. A more foolproof system would also be implemented for the refunds of taxes.

Earlier it was detected on January 12 by an officer in the Income-Tax Department, Mumbai that refunds were made without his or his superior's permission. An enquiry within the IT department found that user Ids and passwords of certain officers were used fraudulently for the purpose of refunds.

The department said that it has taken some actions to contain the damage and CTBT issued stop payment orders in the suspected cases. A high-value refund is one in which the amount is over Rs 1 lakh, according to CTBT.

Directorate of Income Tax (Investigation), Mumbai, conducted investigation to find the bank accounts and the beneficiaries which received the refunds under suspicion.

The department was able to trace Bank accounts, beneficiaries and some of the people involved in fraudulent activities. Mumbai police and Central Bureau of Investigation were informed of the case.

The IT department refunds for the first nine months of the financial year were 49.76 per cent higher at Rs 8,954 crore than the previous year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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