Latest Expert Exchange Queries

Make 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) | 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: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Tax refund claims of over Rs 1.5 lakh crore pending: Government
March, 09th 2016

Tax refund claims worth over Rs 1.5 lakh crore for various assessment years were pending with the Income-Tax Department as on February 27, Minister of State for Finance Jayant Sinha said today.

"As on February 27, 2016, claims of refund amounting to Rs 1,50,529 crore are pending in the income tax returns filed by the taxpayers for various assessment years," Sinha said in a written reply to the Lok Sabha.

He said the processing of income-tax returns, including returns with refund claims, is continuously taking place.

The Minister said a major part of the pending refunds pertains to current year where returns have been filed in last few months.

Sinha said the Income-Tax Department formulates a Central Action Plan every year for boosting the revenue collections.

"Also action by way of searches and surveys is being done utilised to detect tax evasion in appropriate cases and also to create deterrence against tax evasion," he said.

On the other hand, in the past several years, massive computerisation of various functions of the department has reduced compliance burden and grievances, he further said.

"In the Budget 2016, the government has proposed a limited period compliance window for domestic tax payers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions by paying tax at 30 per cent, a surcharge at 7.5 per cent and penalty at 7.5 per cent, which comes to a total of 45 per cent of the undisclosed income," he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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