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
News Headlines »
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline

I-T Dept streamlines tax refund
July, 23rd 2010

In a move that will speed up the issuance of I-T refunds, the Income Tax Department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh and Rs 25,000, respectively, at the stage of processing of income tax returns itself.

The Central Board of Direct Taxes (CBDT) has communicated the order applicable for the assessment year 2009-10 to all the Chief Commissioners of Income Tax in various tax collecting ranges across the country.

"The I-T department has taken the step to fasten and streamline the process of issuing refunds. The order will be beneficial in view of the income tax returns filing, which will happen till this month end," a senior I-T officer said.

In all other remaining cases, the claims would be processed after proper verification, the officer added.

"In all the returns filed in ITR-1 and ITR-2 for assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakh and where the refund computed does not exceed Rs 25,000, the TDS claim of the tax payer shall be accepted at the time of processing the return," the order stated.

ITR-1 deals with pensioners' income and others, while ITR-2 deals with income from house property and others.

"In all the returns filed in forms other than ITR-1 and ITR-2 for the assessment year 2009-10, where the aggregate TDS claim does not exceed Rs 3 lakh and the refund computed does not exceed Rs 25,000 and there is 10 per cent matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return," the order added.

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

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