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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

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 2016 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