Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: cpt :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
News Headlines »
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18

Refunds in last fiscal rose 33% to Rs 39,000 crore
April, 21st 2007

The Income Tax (I-T) department has refunded over Rs 39,000 crore to taxpayers during 2006-07 against refunds of Rs 29,000 crore in 2005-06.

Tax officials noted that there had been an increase of almost 33% in processing refunds, especially after finance minister P Chidambaram introduced the tax return preparer scheme to help small and medium taxpayers file returns.

Similarly, during the first two weeks of April 2007 alone the department issued refunds amounting to Rs 1,834 crore. With a view to ensuring error-free expedition of the issuance of refunds and bring in transparency, the minister had in January this year introduced a refund banker scheme on a pilot basis in Delhi and Patna, noted an I-T official.

He said, under the scheme, over 30,000 refunds have been made so far. These include refunds made through the electronic clearance system as well as paper refunds, in which case the refunds were directly credited to bank accounts within 15 days.

Processing tax returns is a tedious task and consumes a lot of time. Moreover, the department receives over 3.20 crore tax returns. It takes almost four months to complete the electronic processing of returns, noted the official.

Also, taxpayers failure to furnish accurate, complete bank details delayed the task further, he added.

Getting Dues
During the first two weeks of April 2007, the department issued refunds amounting to Rs 1,834 crore
There has been a rise of 33% in processing refunds, mostly after the tax return preparer Scheme was introduced

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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