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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES :: empanelment
 
 
General »
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017
 Government sets aside Rs 10,000-cr tax demand on tech companies

FinMin: Speed up tax refunds
March, 30th 2011

Concerned over high interest outgo on tax refund claims, the finance ministry has asked the income tax department to speed up the processing of such claims for the current financial year.

The slow processing of tax refund claims has always been a bugbear for the government and taxpayers alike. The backlog has risen steadily over the years. In 2005-06 there were 5.7 lakh refund claims, which has shot up to 19.4 lakh in 2009-10.

The finance ministry has asked income tax department to take the help of the Institute of Chartered Accountants of India (ICAI) - the regulatory and governing body of CAs - to clear up long-pending claims.

"The income tax department has raised concerns over the delay in processing the refund cases and the authorities have been asked to expedite the exercise," a government official, who refused to be identified, said.

The government wants to finish the process by March 31.

The Comptroller and Auditor General of India had said in its report that the government has refunded Rs 57,101 crore in 2009-10, which includes an interest amount of about Rs 12,951 crore - nearly 30%.

In 2008-09, the amount of actual refunds saw a decline while interest payments increased, reflecting the delay in clearing claims.

The CAG report also revealed that the pendency rate for tax refund claims has gone up to 40.4% in 2009-10 from 22.5% in 2005-06.

"We will work closely with the government in clearing income tax refunds and the exercise would get priority," said G Ramaswamy, president, ICAI.

In India, the average time taken for processing income tax refund claims is about 10 months. Any taxpayer, who has paid income tax in excess of the amount due in a given year, is eligible for a refund.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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