Income Tax Refunds

RECTIFICATION U/S 154 OF INCOME TAX ACT

RECTIFICATION U/S 154 OF INCOME TAX ACT

RECTIFICATION UNDER SECTION 154 OF INCOME TAX ACT Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let's review every clause of section 154 in detail with relevant judgement and my significant findings to it. Now you can first read the extract of Act in… Read More

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Income tax refunds takes a slow pace

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. "The Board's (CBDT) proposal… Read More

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Income Tax Department issues 40 lacs refunds worth 25,000 crores..and more

The Income Tax (I-T) department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T… Read More

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All Income Tax Refunds to be complete by April

After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs… Read More

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Ombudsman releases 660 crores in Income Tax Refunds

The income-tax ombudsman in Mumbai has released refunds and other dues to taxpayers amounting to over Rs 660 crore, which had been locked up for various years due to red-tapism at the income-tax office. This is the largest amount distributed to taxpayers in a single year from the office of the ombudsman in Mumbai, a… Read More

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Government issued refunds of Rs. 72,000 crores in 2010-11

The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year. The tax collection has gone up rapidly and this fiscal which ended on March 31, 2011 to the tune of Rs 4.50… Read More

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