Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
General »
Open DEMAT Account in 24 hrs
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
 Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist
 Filing ITR On Your Own? Salaried Taxpayers Need To Know These Things
 New vs Old Tax Regime: How is one taxed under the New Regime and how to make a switch between the two regimes?
 New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
 Advance Tax Paid, Do You Still Need To File ITR? Check Details Here
 Centre seen to have met FY24 gross tax target
 6 income tax rules that salaried should know as financial year 2024-25 starts from today
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules

Rs 40,000 cr Income - Tax refunds in fiscal beginning itself
April, 27th 2011

The Income Tax Department will refund about 40,000 crore by the end of April or early May, as part of the initiative by the Central Board of Direct Taxes (CBDT) to complete the entire refunding process in the very first month of a fiscal year.

This initiative comes as a big relief to taxpayers who earlier received refunds only in the last three months of a fiscal. The timely refund will also help the tax department save the interest it paid on the amount - at the rate of 1% per month.

Sources in the income-tax department said a major chunk of the refund dues have already been released.

The initiative, though taxpayer-friendly, was not without any resistance. Income-tax employees were unprepared to adjust to the sudden shift in focus from tax collection to refund distribution, given the prevailing constraints, including severe manpower shortage. However, a meeting in New Delhi last week between the representatives of the employees and CBDT chairman Sudhir Chandra resolved the conflict and the employees' unions gave their full support to the exercise.

The initiative for early completion of refunding came in the backdrop of a more than 20 % increase in tax collection last year. In fact, it was the first time in the last three years that the direct tax collection exceeded the revised target.

The first directive from CBDT was to complete the refund exercise by April 10. This was later extended to April 20. "Even if we complete the exercise by the first week of May, it will be a major achievement. We will streamline the process further so that from the next year all refunds are issued in early April itself," said an I-T official.

The Mumbai division, which accounts for 35-40% of the total tax collection in the country, is expected to refund of 15,000 crore by April 30. More than 60% of this has already been released.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting