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: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd
 
 
« General »
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners

All Income Tax refunds to be settled by end of this month
April, 19th 2011

Having already made refunds to 8.23 lakh assessees in the first half of this month, the Income Tax Department on Monday said it would settle all pending claims by the end of April.

About 85 lakh assessees received refunds of Rs.78,000 crore in the year 2010-11.

In the first half of April, the IT Department refunded Rs.6,183 crore to 8,23,101 assessees, Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra told reporters here.

Mr. Chandra said all the remaining refunds would be settled this month. We are trying to issue all the refunds in April.

Refunds of about Rs.4,000 crore would be made to 7,91,312 tax assesses by April 20. The refunds made in 2010-11 were about 70 per cent higher than the Rs.50,000 crore in the previous year.

Mr. Chandra further said that the IT Department would settle refunds within a month to those who filed returns electronically.

Despite huge refunds having been made, the direct tax collection would be in the range of Rs.4.5 lakh crore, much above the revised estimates of Rs.4.46 lakh crore, said Mr. Chandra.

No need to file returns

Assessees with income up to Rs.5 lakh will be exempted from filing returns. The provision [regarding not filing of returns] will be notified in the first week of June, Mr. Chandra said.

The new rule would will apply from the current assessment year, 2011-12, for the income earned in the year 2010-11.

However, people in this category (income up to Rs 5 lakh) would have to file returns if they sought refund, Mr. Chandra said.

The Revenue Department notified simpler income tax return forms Sahaj' and Sugam'. These were aimed at reducing the compliance burden on salaried persons and small businessmen.

Mr. Chandra said: [These] are major steps towards the simplification of income tax return filing.

He said efforts were being made to facilitate electronic filing through Sahaj and Sugam IT return forms.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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