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 :: due date for vat payment :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

I-T's going to abolish boundaries, get faster
March, 04th 2008
After ushering in e-filing, the government is now set to revolutionise processing of returns. Jurisdiction-free processing of income-tax returns could be a reality soon, with the Finance Bill authorising the government to introduce such a scheme. This would speed up the refunds process.

Once the jurisdiction-free system is in place, processing of returns could be carried out at centralised designated centres instead of the respective ward where the assessee files his return.

The move is aimed at expediting the processing of returns and thereby quickening the issue of refunds. The processing of returns currently takes four months to a year.

This is primarily because there is no equitable distribution of the processing work. In some jurisdictions, assessing officers are saddled with 60,000-70,000 returns while in smaller jurisdictions officials have just 5,000 returns.

For the purposes of processing of returns under Sub-section (1), the board may make a scheme for centralised processing of returns with a view to expeditiously determining the tax payable by, or the refund due to, the assessee as required under the said sub-section, says the new provision which is proposed to be inserted in the Finance Bill.

In fact, the department is carrying out a pilot project for centralised processing in Mumbai. Information about an assessee is sent to the concerned assessing officer in his jurisdiction who then sends an advise of issue of refund to the refund banker.

The refund banker issues a refund cheque based on the advise.

To facilitate the launch of jurisdiction-free processing, the income-tax department is setting up a National Data Centre that is expected to start functioning soon.

All records of assessees would be uploaded on the National Data Centre to facilitate zone-free processing.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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