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: empanelment :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 What to do if you get an income tax notice after demonetisation
 SBI calls for raising income tax exemption limits
 Did you know? The tax exemption on your HRA
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA

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