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 :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4%
 
 
« General »
 Filing ITR just got easier for salaried class with CBDT's one-page form
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956

Delays in tax refunds by I-T Dept
May, 13th 2010

Continuous rise in pendency of refund claims cost the exchequer interest of a whopping Rs 5,785 crore during 2008-09, the Comptroller and Auditor General of India said today.

A decade of computerisation by the Income Tax department has gone by but the pendency rate of refund claims is on risewe recommend that the department identify the gaps in automation, CAG said in a report on Income Tax Refunds tabled in Parliament.

During the four years from 2005-06 to 2008-09 reviewed by CAG for income tax refunds processed, the apex auditor said that it found procedural irregularities in refunds aggregating Rs 5,803.5 crore, the tax effect of erroneous refunds being Rs 135.8 crore.

The auditor also found that the timeliness in processing of refunds is much longer than international standards which range from 24 days to six weeks. Our analysis showed that the average time taken for processing of refund claims leading to issue of refund vouchers is 10 month. The average time taken for the assessee to receive the refund voucher after its issue is 40 days, CAG said.

CAG, in its recommendations to the finance ministry said that the ministry should conduct a review of gap in automation which are impeding the clearance of refund claims. It also suggested extension of the refund banker scheme that is only available in some cities now. Further, focusing on the inconvenience caused to senior citizens due to this, CAG said that the ministry should set up a mechanism for filtering refund claims of senior citizens.

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

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