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: cpt :: form 3cd :: TDS :: VAT Audit :: due date for vat payment :: VAT RATES :: empanelment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4%
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Prompt tax refund surprise for taxpayers
April, 12th 2011

Here is a rare pleasant surprise from the taxman. Lakhs of taxpayers throughout the country have got refunds much before they had expected.

The department has refunded Rs 72,000 crore, most cases belonging to assessment year 2009-10 but also a substantial numbers pertaining to year 2010-11, claimed chairman of the Central Board of Direct Taxes ( CBDT) Sudhir Chandra. He was a talking to newspersons on the sidelines of valedictory function of the 63rd batch of Indian Revenue Service (IRS) officers passing at National Academy of Direct Taxes (NADT) here.

Chandra claimed it was for the first time since independence that income tax department had received refunds in the month of March itself. Normally refunds pertaining to 2009-10 would have been received in the middle of this financial year.

Refunds for the year 2010-11 could not be expected before April 2012. Now there is a target to finish almost all the pending refunds by April 20, 2011, said Chandra. "It was earlier planned to pay even the returns for 2010-11 by April 1. The target could not be met, so the deadline has been extended to April 20," he said. The focus now would be to give refunds within the same financial year.

Chandra said tax collections had surpassed even the revised targets, notwithstanding a heavy outflow on account of refunds. The collections by the end of financial year (March 31, 2011) stood at Rs 4.50 lakh crore against a target of Rs 4.46 lakh crore, revised from earlier Rs 4.30 lakh crore, he said.

Chandra hinted that earlier the collection tally was bloated by delaying refunds. It gave a wrong picture as the money had to be ultimately paid back.

Early refunds had saved interest outflow of almost Rs 4,500 crore which had to be otherwise shelled out as interest arising out of delayed payment of refunds.

"No drastic changes were required to achieve the target. I kept the personnel motivated by meeting their demands. This helped and many worked overtime," said Chandra.

This could have been achieved earlier but there was an inherent lethargy in the department, said the officer. He expressed concern over the Mumbai commissionerate which, he said, was lagging behind.

Chartered accountants and tax practitioners also agreed that refunds had been coming fast these days. "Refunds have been prompt. However, problems exist for tax deducted at source (TDS) in case the deductor has not filed the right data about the deductee in his returns.

The flawed data are leading to a mismatch in the deductee's returns due to which refunds are held up," said Satish Sarda, chairman of Nagpur branch of Insitute of Chartered Accountants of India (ICAI).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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