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: ACCOUNTING STANDARD :: form 3cd :: empanelment :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS
 
 
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

Rs 40,000 cr Income - Tax refunds in fiscal beginning itself
April, 27th 2011

The Income Tax Department will refund about 40,000 crore by the end of April or early May, as part of the initiative by the Central Board of Direct Taxes (CBDT) to complete the entire refunding process in the very first month of a fiscal year.

This initiative comes as a big relief to taxpayers who earlier received refunds only in the last three months of a fiscal. The timely refund will also help the tax department save the interest it paid on the amount - at the rate of 1% per month.

Sources in the income-tax department said a major chunk of the refund dues have already been released.

The initiative, though taxpayer-friendly, was not without any resistance. Income-tax employees were unprepared to adjust to the sudden shift in focus from tax collection to refund distribution, given the prevailing constraints, including severe manpower shortage. However, a meeting in New Delhi last week between the representatives of the employees and CBDT chairman Sudhir Chandra resolved the conflict and the employees' unions gave their full support to the exercise.

The initiative for early completion of refunding came in the backdrop of a more than 20 % increase in tax collection last year. In fact, it was the first time in the last three years that the direct tax collection exceeded the revised target.

The first directive from CBDT was to complete the refund exercise by April 10. This was later extended to April 20. "Even if we complete the exercise by the first week of May, it will be a major achievement. We will streamline the process further so that from the next year all refunds are issued in early April itself," said an I-T official.

The Mumbai division, which accounts for 35-40% of the total tax collection in the country, is expected to refund of 15,000 crore by April 30. More than 60% of this has already been released.

 
 
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