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: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
ICAI »
 Change in the date of Holiday on the occasion of Milad-Un-Nabi or Id-E-Milad.
 ICAI submits Pre-Budget Memoranda-2017
 Clarification - Fake Audio Clip in circulation under the name of President, ICAI.
 Examination dates of Certificate Course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 21st and 22nd January, 2017
  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional
 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
 Four Weeks Residential Programme to be held from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hyderabad for Women Participants only.
 CPE Events 5th December - 10th December 2016
 Here's how your employer can help you save tax
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law

ICAI - Undue hardship faced by assessees on account of delay of refund in scrutiny cases in respect of A.Y. 2007-08
May, 15th 2009

No.DTC/2009-10/REP-2
13th May, 2009

Mr. S.S.N. Moorthy
Chairman
Central Board of Direct Taxes
Department of Revenue
Ministry of Finance
Government of India
North Block
New Delhi 110 001.
 
Respected Sir,
 
Sub:- Undue hardship faced by assessees on account of delay of refund in scrutiny cases in respect of A.Y. 2007-08
 
As you are kindly aware, the Central Board of Direct Taxes has issued an Instruction no.12/2008 dated 5th September 2008 for clearing the large pendency of returns for the Assessment year 2007-08. We heartily appreciate the efforts being taken by the Central Board of Direct Taxes to meet up its target for speedier processing of returns.

In the said Instruction, it has been mentioned that all pending returns for A.Y. 2007-08 involving refund claims (including electronic returns with refund claims) must be processed on priority basis by 30th September, 2008. Where any scrutiny assessment is pending in these cases, refund should be issued only after completion of the scrutiny assessment.
 
In this regard, we wish to bring to your kind notice that the funds of large tax payers have been blocked as refunds are delayed on account of the above-mentioned Instruction. This has aggravated their funds flow crisis leading to working capital crunch. Further, in view of current market scenario, raising additional funds from other sources like banks etc has also become difficult. This has caused undue hardship to most of the assessees.
 
Therefore, we request you to take appropriate steps at the earliest for timely completion of scrutiny assessment in refund cases also, preferably by setting a cut-off date for completion of such assessments. In the alternative, the condition that refund should be granted only after completion of such assessment may be removed.
 
We once again request your early action in this regard and thank you in advance for the same.
 
Warm regards

Yours sincerely
CA. UTTAM PRAKASH AGARWAL

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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