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
Latest Expert Exchange
From the Courts »
  Oriental Bank Of Commerce Vs. Additional Commissioner Of Income Tax
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
  Union of India vs. Pirthwi Singh (Supreme Court)
 Cromption Greaves Limited vs. CIT (ITAT Mumbai)
 Director Of Income Tax Vs. M/s. Modiluft Ltd.
 Director Of Income Tax Vs. M/s. Royal Airways Ltd.
 Lally Motors India (P.) Ltd vs. PCIT (ITAT Amritsar)
  Mehsana District Co-operative vs. DCIT (Gujarat High Court)
 Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
 Union of India vs. Pirthwi Singh (Supreme Court)
  In Re Hiten Ramanlal Mahimtura (ITAT Mumbai)

Govt relaxes income-tax refund norms
June, 18th 2008

About 92 per cent of the income-tax refund claims for fiscal 2007-08 will be settled without the taxpayers needing to produce TDS certificates, as the Government has relaxed the criteria in this regard.

According the relaxed criteria on settling the income-tax refunds for the last fiscal, for tax assessee whose tax is deducted up to Rs 5 lakh and who has filed refund claims up to Rs 25,000, TDS certificates like Form-16 or challans will not be verified.

The Finance Ministry in a statement here said in spite of manpower shortage, refunds were issued to over 48 lakh taxpayers last fiscal compared to about 44.5 refunds in the previous fiscal.

"It is the endeavour of the Income-Tax Department to provide better taxpayer services, particularly in the area of refunds," the ministry said in a statement here.

Despite larger refund payouts, the Government was able to collect a whopping 71.28 per cent higher revenue from direct taxes at Rs 22,840 crore for the first two months of this fiscal.

The Government paid Rs 9,014 crore in the first two months of this fiscal as against Rs 5,037 crore a year ago, the statement said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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