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: list of goods taxed at 4% :: cpt :: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

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