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 »
 3rd instalment of advance tax due on 15 December
 Tax on your gold and real estate investments
 Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019

Tax refunds may come only next fiscal
January, 29th 2007

Stiff collection target prods CBDT to try its luck with Chidambaram
 
The revenue department may defer tax refunds amounting to Rs 20,000 crore until April 2007.
According to sources in the Central Board of Direct Taxes, the proposal to defer it to the next fiscal will be discussed with finance minister P Chidambaram in early February. They, however, said the minister had in the past been always keen that refunds were made on time.

The CBDT sources said, Chidmabaram had recently raised the internal direct tax collection target for the current fiscal by 12% to Rs 2,30,000 crore against the Budget estimate of Rs 2,10,000 crore. The board was confident of reaching the revised target. At the same time, it felt that refunds in the last quarter of the fiscal might just spoil its chances of fully achieving the target.

Gross direct tax collection until January 22 stood at Rs 1,82,880 crore, with corporate tax collection growing 43.2% to Rs 1,18,183 crore and personal income tax collection shooting to Rs 56,288 crore, an increase of 27.3% over the same period last fiscal.

The department has already issued refunds amounting Rs 27,438 crore until now. However, over Rs 20,000 crore in refunds are still pending.

If a refund is delayed by over three months, the assessee can claim 0.5% interest a month on the amount, according to Section 244A of the I-T Act.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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