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 :: articles on VAT and GST in India :: empanelment :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: list of goods taxed at 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 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
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

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Money for the tax refund is withdrawn from the Consolidated Fund of India (CFI) with Parliament's approval.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 2016 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