tax refunds

Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax refunds claimed, as of March 31, 2011, approximately 38.26 lakh returns claiming refund were pending for processing. Full Article

he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. "We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds," chairman CBDT Sudhir Chandra said. Full Article

The Electronic Clearing System (ECS) of the Income Tax (I-T) Department has been hacked into, jeopardising the functioning of department across Mumbai. On Wednesday, three days after the incident, the I-T department handed over the investigation to the Central Bureau of Investigation (CBI). Full Article

In a rare instance, a group of four—led by a chartered accountant (CA)—succeeded in extracting from the income tax (I-T) department fraudulent tax refunds, amounting to over Rs 3 crore, in the names of 30 people.The I-T officials on Tuesday managed to locate one of the four, Nitin Dalvi, and recorded his statement. The other three, CA Dilip Vyas and his accomplices Sandeep Roy and Mohan Gadge, are still at large. Full Article

For the first time the state government has candidly admitted that there is corruption at commercial tax department VAT checkposts. Industries minister Saurabh Dalal in an interaction with Gujarat Sales Tax Bar Association (GSTBA) has appealed to traders to come forward to lodge complaints against errant officers. Full Article

In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his sales made to the diplomatic authorities and international bodies or organisations mentioned in column (2) of the Schedule appended hereto, subject to the conditions specified against each of them in column (3) of the said Schedul.. Full Article

The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi. Full Article

Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a year to reach the average taxpayer. “Tax and TDS refunds will now reach the individual and [...] Full Article