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 :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold
 CBDT signs three more advance pricing pacts

CBDT issued over 2.1 crore tax refunds in 2015-16
May, 07th 2016

In a massive relief to tax assessees, the Income Tax Department has issued over 2.1 crore refunds amounting to ?1.22 lakh crore last fiscal.

This is a 8.9-per cent increase from refunds worth ?1.12 lakh crore paid by it in 2014-15. The department had issued tax refunds of ?89,664 crore in 2013-14. “The optimum use of technology helped in the expeditious disposal of tax assessment and refunds in the last two years,” the Finance Ministry said on Friday.

It further said that 94 per cent of all income tax returns were filed online in 2015-16 and 4.14 crore returns processed at Central Processing Centre, Bengaluru without any human intervention.

The Ministry also said that indirect tax collections have shown turnaround last fiscal. The indirect tax to the gross domestic product (GDP) ratio for 2015-16 is about 5.17 per cent as compared with 4.36 per cent in the previous fiscal.

“The indirect tax: GDP ratio for 2016-17 is estimated to be 5.20 per cent,” it said.

Indirect tax collection amounted to ?7.11 lakh crore in 2015-16 and is estimated at ?7.79 lakh crore this fiscal.

Meanwhile, the Ministry also said that e-payment of central excise and service tax refunds and rebates through RTEGS/NEFT has been implemented and 80 per cent of the refund amount is granted within five days for service exporters.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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