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: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt
General »
 Number of companies paying tax over Rs 100 crore declines in 2013-14
 Tax and the dilemma of the self-employed
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA

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 2016 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