« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  Structural audit made mandatory for Greater Mumbai buildings... New rules to administer I-T welfare fund... » Refund banker system to be implemented next year: CBDT August, 14th 2007 Long wait for income tax refunds will be a thing of the past as tax-payers will get their dues back within three days of assessment of claims when the Refund Banker System is extended throughout the country from the next financial year. "As a pilot project, Refund Banker System has already been launched in New Delhi and Patna and is quite successful and it is expected that by the next financial year, the system will be implemented in all over the country," B M Singh, chairman of Central Board of Direct Taxes, said here today. Singh, who was here to attend a conference on direct taxes, told reporters that the e-return system has been implemented in the country and till now 1,46,000 companies have filed returns electronically. Till now only companies were allowed to file e-return but by next financial year all tax-payers would be allowed to file e-return, he added. He also said the income tax department was computerising its records. It is also setting up a three-tier system to keep records at several levels for making the system fool-proof and streamline the scrutiny of tax returns, he said. Asked about Finance Minister P Chidambaram's recent statement hinting relaxation in tax structure if collections were satisfactory, Singh said "giving relaxation in the tax structure is the prerogative of the finance minister". The government had set a target of collecting Rs 2,67,000 crore from direct taxes and it is expected that the target would be achieved, he added.