Issue of IT Refunds of Smaller Amounts In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC), Bengaluru and the field officers in December, 2015 to issue refunds of amounts less than Rs.50,000/- expeditiously. As a result of the special drive to … [Read more...] about Issue of IT Refunds of Smaller Amounts
Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of such returns -regarding. Circular No. 04/2014 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 10th of February, 2014 Subject: – Non-Filing of ITR-V in returns with refund … [Read more...] about Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of such returns -regarding.
IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on … [Read more...] about IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
Income Tax Refund : Interest on Income Tax refund amount due to delay The below information was said in a written reply to a question about interest paid on income tax refund amount due to delay in Lok Sabha by the Minister of State for Finance Shri.S.S.Palanimanickam on 1st March, 2013 as follows… The Income Tax Act 1961, stipulates that refund to a taxpayer shall … [Read more...] about Income Tax Refund : Interest on Income Tax refund amount due to delay
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