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
ę News Headlines »
 Companies (Significant Beneficial Owners) Amendment Rules, 2019
  Tax saving guide for FY 2018-19
 4 lesser known ways to save tax. Filing income tax returns?
 You do not have to pay TDS on FDs under this amount Income tax returns (ITR)
 Income-tax (15th Amendment) Rules, 2019
 How To Calculate Income Tax For Assessment Year 2020-21
 Financial Interim Budget 2019-20
 5 personal tax changes expected in Budget 2019
 Check how much tax would be levied on your income Income Tax returns Invested in debt schemes
 3 taxes no one should have to pay
  Tax saving guide for FY 2018-19

e-returns: Rs 15k cr refunds held up
July, 09th 2007
Being tech savvy can have a flip as many taxpayers are realising.E-filing of income-tax returns launched last year with fanfare has landed a large number of taxpayers, both individuals and companies, in a spot. Their returns have not been processed, holding up taxrefunds to the tune of Rs 15,000 crore.

Its not just e-filed returns where processing has not been completed, income-taxreturns filed in post offices too have metthe same fate.E-filed returns have to be downloaded before they are processed, and thats where the problem lies, a government source said, adding the department officials were facing immense problems in downloading the forms.

However, he said, efforts were being made to expedite the processing.A software takes time to stabilise, so is the case with this one, an official said.E-filing of income-tax returns was

made mandatory for companies last year while it was optional for other taxpayers. However, with July 31 the last date for filing returns for individuals drawing near, e-filing could go out of favour. Corporates, however, do not have muchchoice in this regard.

Taxpayers, both individuals and companies, had great expectations from the government regarding speedier processing of returns and refunds. It looks like the department is not adequately geared up for this season as well, Ernst & Young partner Amitabh Singh said.

The filing of income-tax returns witnessed a whopping growth in 2006-07.More than 1.26 crore individuals filedtheir income-tax returns against 77 lakhin 2005-06. Nearly 4 lakh individualsused the post-office facility to file returns.E-filing, formally launched on October 13, 2006, met with a huge success.

The number of income-tax returns filed by corporates till the last date of November 30, 2006, was 2,88,471 compared to 2,01,059 filed till October 30, 2005. The number increased to 3.2 lakh till March 31, 2007.

It may be pointed out the e-filing software had witnessed technical hiccups following which the deadline was extended by a month.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact 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