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
Direct Tax »
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers
 CBDT releases ITR Form-4 for presumptive income from business and profession
 Know how you can save tax through various deductions under Section 80 Income Tax

Speed up tax refund work, income tax department told
September, 03rd 2013

The income tax department has resumed "normal refund payments" for 2011-12 after an informal goslow advisory was reversed.

At the same time, the offices have been asked to expedite refunds of up to Rs 50,000 for the last financial year although the bulk of tax returns were received by August 5. The move is aimed at ensuring that individual taxpayers are not adversely affected by any delays in refunds. Sources said the green light for all refunds has come from the highest level with field offices instructed to clear pending dues. The move comes after TOI highlighted how the revenue department had suspended refunds of over Rs 1 lakh for 2011-12 in the wake of a pressure on tax collections.

Every year, the I-T department is saddled with a huge refund burden, which is in excess of Rs 70,000 crore during some financial years. While a part of the refund is on account of excess tax paid by individuals and companies, a large part of the burden is due to pressure from the tax department on the corporate sector to pay additional sums to help officers meet the targets set for them. Such instances were especially high during the last financial year when the government was keen to ensure that the fiscal deficit was within the target of 5.2% of GDP set by the finance minister.

In the Budget, finance minister P Chidambaram has provisioned for over 18% growth in gross collections of corporation tax, personal income tax and wealth tax. But officials in the department admit that it is a tough ask. "There is a complete disconnect between the economic situation and the tax target. When the economy is growing at 4.4%, how do you expect me to meet the target?" said a senior officer, who did not wish to be identified.

Latest data released by the finance ministry showed that gross direct tax collections rose over 13.3% to Rs 1.57 lakh crore during April-July 2013, compared to Rs 1.39 lakh crore a year ago. From a 21% increase in gross collections during April-May , the growth rate moderated to 11.5% during the June quarter.

Green signal

Every year, the I-T Department is saddled with a huge refund burden, which is in excess of 70,000 crore during some financial years

While a part of the refund is on account of excess tax paid by individuals and companies, a large part of the burden is due to pressure from the tax department on the corporate sector to pay additional sums to help officers meet the targets set for them

Latest data released by the finance ministry showed that gross direct tax collections rose over 13.3% to 1.57 lakh crore during April-July 2013, compared to 1.39 lakh crore a year ago.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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