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: list of goods taxed at 4% :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: TDS :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
 
 
General »
 Property tax revision unlikely till April 2019
 Norms for filing tax are the same for residents and non-residents
 Data shows new tax regime widely adopted
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies

I-T Dept: Early refunds saved interest out-go of Rs 4000cr
May, 05th 2011

The Income Tax Department has saved a potential interest out-go of up to Rs 4,000 crore by an early pay-out of refunds to tax-payers in the month of April, a top Department official said on Wednesday.

"In the month of April, we have issued more than 20 lakh refunds all over the country which is a record number of refunds issued in April," Central Board of Direct Taxes Chairman, Sudhir Chandra, told reporters.

By doing so, the department has saved Rs 4,000-crore.

"The refund would have been (otherwise) issued in March 2012," he said. According to a recent report, in absolute terms, the refunds worked out to Rs 20,000-crore.

Chandra said the Department has already finished over 90% of the work on refunds and is targeting to finish it by June third week.

In another good news for salaried tax-payers, Chandra said the Department will formally notify the budget announcement of no tax returns to be filed for individuals earning up to Rs 5 lakh by June.

"In cases where the TDS (Tax Deducted at Source) is already done, we already have all the relevant information with us. Why should we ask him (tax-payer) to come to us again?" he said.

Chandra declined to give a specific answer when asked if the department is considering to raise more demands after a favourable ruling it got in the Vodafone case wherein the British telecom major was asked to pay USD 1.7-billion as tax.

When asked if such demands by the Department would dent Foreign Direct Investment (FDI) flows into the country, he said, "I don''t agree with it."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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