Good news awaits hundreds of thousands of taxpayers in the country. The Income Tax department is mulling a proposal for providing them small refunds of below Rs 1 crore (Rs 10 million) within a month’s time. Delay in receiving income tax refunds has

Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with

To crack down on black money, the revenue department is contemplating a scheme to unearth such funds. The options under consideration include a tax amnesty scheme to get back ill-gotten wealth parked overseas.While I-T officials said that a scheme to

The government is expecting to exceed the direct tax collection target of Rs 4.30 lakh crore for 2010-11 on the backdrop of high economic growth of 8.9 per cent recorded during the first half of the current fiscal. Pinning hopes on higher tax realis

Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, “the Direct Taxes Code (DTC) has to be implemented next year and considering DTC

The Income Tax department will process more than 40 lakh refund cases before April this year. The department has streamlined the process as the statutory time limit to process the return and issue refund in the financial year 2009-10 is March 31 an

Saddled with huge tax arrears of Rs 2,50,000 crore — more than half of the total tax collection projected for 2010-11 — finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that co

Early this month, FM Pranab Mukherjee had okayed the setting up of a high-level multi-disciplinary panel to study black money at home and abroad, and another panel to suggest counter-measures against tax havens. These actions are likely to reflect in

A Group for identifying direct tax issues arising from convergence of Indian Accounting Standards (IAS) with International Financial Reporting Standards (Ind AS) was constituted by the ICAI, which comprised both of members of the Council of the Insti

The Central Board of Direct Taxes (CBDT) — the nodal office for the income tax department — has decided to settle all income tax refunds pertaining till 2009-10 by the end of the current fiscal. “With the Central Processing Centre operational, we wil