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: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

CBDT asks I-T to pay interest on tax refunds
May, 10th 2007

The Central Board of Direct Taxes (CBDT) has directed income tax establishments across the country to ensure they pay the interest due on tax refunds.
 
Any delays in executing this will result in the department forking out additional interest on a refund. There is no provision for payment of interest on refunds in the Income Tax Act, 1961.
 
The CBDT directive, issued recently, has come into effect, with the board specifying that interest is to be granted simultaneously with tax refunds.
 
The CBDT directive follows the recent Supreme Court order over-ruling the Gujarat High Courts ruling in a matter related to Sandvik Asia Ltd.
 
The Supreme Court, while pronouncing a decision in the case on January 27, 2006, slammed the income tax department for delay in tax refunds to Sandvik Asia. The court said there was no question of the delay being justifiable as was being argued by the income tax department.
 
The CBDT has also revised the guidelines for the rewards claimed by the officers and staff for block returns . Block returns are filed on undisclosed income after investigation and search made by the I-T officials. Under the revised guidelines, an officer will get his reward provided the assessee agrees to pay the tax on an undisclosed income.
 
Further, such income should not have been disputed in an appeal and no petition is made to the Settlement Commission. Further, a year must have passed for the award claim, from the day the relevant assessment was made.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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