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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment
 
 
Direct Tax »
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal
 Direct tax collection rises fastest since 2013-14
 The ‘statutory’ requirement problems of income tax returns
  CBDT signs 9 advance pricing pacts with taxpayers in July
 Which ITR form to use for Income from salary, capital gains?

CBDT pulled up for not seeking approval to draw money from CFI
September, 03rd 2012

Parliament's Public Accounts Committee today slammed the Central Board of Direct Taxes for not seeking the approval of Parliament for drawing money from the Consolidated Fund of India to pay the interest on income tax refunds.

Top Finance Ministry and CBDT officials, who appeared before the PAC, said the 6 per cent interest given is tagged along with the tax refund.

Money for the tax refund is withdrawn from the Consolidated Fund of India (CFI) with Parliament's approval.

But members pointed that the CAG has raised questions on the practice of tagging the interest money with the refund amount and not seeking Parliament's separate approval to withdraw the interest amount from CFI.
Some members like N K Singh (JD-U), Satish Misra (BSP) and Sanjay Nirupam (Congress) initially supported the CBDT's stand but later agreed that it should seek Parliamentary approval before drawing the interest money, sources said.

"Expenditure of the order of Rs 37,365 crore on interest payments had been incurred over a period of last five years without obtaining approval of Parliament," the government auditor had observed.

The CAG had said that the practice of showing interests as part of the refund amount was continuing for a long time and the Finance Ministry has not taken any steps to rectify it.

The PAC is examining Para 4.1.1 of the CAG Report for the year 2011-12 on 'Accounts of the Union Government, relating to Expenditure Incurred on Interest on Refunds of Taxes.'

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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