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: form 3cd :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit
 
 
« Direct Tax »
 RBI releases draft directions on hedging of commodity price
 Unexplained deposits in focus, taxmen ordered to go all out in the next three months
 Why India’s corporate tax rate should be cut
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category

Refund excess tax despite 4 year limit period: CBDT to officials
June, 25th 2012

Giving relief to taxpayers, the Income Tax Department has asked its officials to take action to refund excess tax even if such applications are hit by limitation period of four years.

"After due verification of any such claim on merits, the assessing officer shall issue refund of the excess amount, if any, so adjusted by CPC (Central Processing Centre at Bengaluru) due to inaccurate figures of arrear demand uploaded by the assessing officer," the Central Board of Direct Taxes (CBDT) said in a circular.

The circular will also help tax officials in resolving disputes regarding arrear demands shown as outstanding against them in the records of assessing officer and refund the excess tax collected from them.

In absence of the clarification, the officers could not have corrected or reconciled such disputed arrear demand due to limitation of four years.

Also, in some cases, CBDT said the assessing officer have uploaded such disputed arrear demand on the Financial Accounting System (FAS) portal of CPC.

This resulted in adjustment of refund arising out of processing of returns against arrear demand which has been disputed by assessees on the grounds that either such demand has already been paid or has been reduced in appeals, etc.

Under the existing provisions of the Income Tax Act, the assessing officer cannot look into refund cases which are more than four year old.

In 2011-12, the Income Tax Department had issued refunds of about Rs 95,000 crore, while the refunds in the first two months of the current fiscal totalled Rs 16,900 crore.

CBDT has also asked the officials to remove discrepancies in tax demands in the data being maintained by the CPC.

Finance Minister Pranab Mukherjee in May had informed Parliament that problems arising to taxpayers due to incorrect uploading of data would be addressed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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