INCOME TAX ACT,1962
The Central Board of Direct Taxes (CBDT) today said it has
reduced the time period for tax refunds to three months and would
take steps to release arrear payment as fast as possible.
"We have brought down time for refund...Timing of rectification at
the Central Processing Centre (CPC) level has been brought
down to 3 months and so," CBDT Chairperson Poonam Kishore
Saxena told reporters here.
"Arrears are going to be released. From September 3, we have
started demand correction fortnight. Adjustment would be done in
a short while," Saxena said.
She admitted that due diligence was missing in some cases and the department would try to sort out the problems.
Saxena also said in the last five years, the number of refunds disbursed by the Income Tax department stood at 35.20
crore, out of which 20.61 crore refunds were done through bank facility.
In the current financial year as on August 2012, the number of refunds disbursed stood 33.51 lakh, out of which 33.15 lakh
refunds were executed through bank facility.
In case of refund bank facility, refund directly goes to account of concern assessee.
Saxena said the target for direct tax collection of Rs 5.70 lakh crore for the current financial year would be met.
"The department is going on massive computerisation drive. We want to be identity blind. Attempts are to reduce
interaction so that grievances are minimised," she said. (PT
I-T Dept Plans to Accept Refund Applications at ATMs
After tying up with banks for providing tax deducted at source (TDS) details through internet banking and payment of tax at ATMs (automated teller machines), the income tax department is planning to take the convergence of banking and tax services to the next level.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
Taxpayers will also be able to check the status of their refund applications at ATMs. They will also be able to spot mistakes they may have made while filing for refunds/credits.
In future, taxpayers may also be allowed to file returns through the banking channel.
“The revenue department plans to expand collaboration with banks. Taxpayers will be able to apply for refunds and get them through ATMs. They may also be allowed to file returns through ATMs. The idea is in initial stages, but some Nordic countries such as Sweden have already implemented it,” a finance ministry official told Business Standard.
The department expects these measures to increase tax compliance and collections, besides making the interface between the government and taxpayers more efficient and transparent.
For this, the department is ramping up its information technology (IT) infrastructure. The finance ministry has approved the setting up of two special purpose vehicles. One is called the National Information Utilities (NIUs) and will handle IT aspects of the Goods and Services Tax. The second is called the Tax Information Network. While the government will concentrate on policy formulation and enforcement, the NIUs will focus on implementation of IT systems.
The revenue department has already allowed banks to display Form 26AS of taxpayers on their internet banking portals.
Form 26AS is a consolidated statement of a financial year and has details of TDS, tax collected at source and advance tax/self-assessment tax/regular assessment tax deposited in the bank. It also includes refunds received during a financial year. The form is available only from assessment year 2005-06.
The facility of paying income tax through ATMs, launched earlier this year, is being provided by many banks, including Oriental Bank of Commerce, Union Bank of India, Corporation Bank and Axis Bank. Most were already accepting tax payments at their branches and
The Central Board of Direct Taxes (CBDT) today said it has
reduced the time period for tax refunds to three months and would
take steps to release arrear payment as fast as possible.
"We have brought down time for refund...Timing of rectification at
the Central Processing Centre (CPC) level has been brought
down to 3 months and so," CBDT Chairperson Poonam Kishore
Saxena told reporters here.
"Arrears are going to be released. From September 3, we have
started demand correction fortnight. Adjustment would be done in
a short while," Saxena said.
She admitted that due diligence was missing in some cases and the department would try to sort out the problems.
Saxena also said in the last five years, the number of refunds disbursed by the Income Tax department stood at 35.20
crore, out of which 20.61 crore refunds were done through bank facility.
In the current financial year as on August 2012, the number of refunds disbursed stood 33.51 lakh, out of which 33.15 lakh
refunds were executed through bank facility.
In case of refund bank facility, refund directly goes to account of concern assessee.
Saxena said the target for direct tax collection of Rs 5.70 lakh crore for the current financial year would be met.
"The department is going on massive computerisation drive. We want to be identity blind. Attempts are to reduce
interaction so that grievances are minimised," she said. (PT
THURSDAY, JUNE 28, 2012
INCOME TAX NOTIFICATIONS 2012
|
PUBLIC PROVIDENT FUND ACCOUNT - RATE OF INTEREST ON OR AFTER 1-4-2012
NOTIFICATION NO. S.O. 904(E), DATED 25-4-2012
In pursuance of Section 5 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of April, 2012 and the balances at the credit of the subscriber shall bear interest at the rate of 8.8 per cent per annum
I-T Dept Plans to Accept Refund Applications at ATMs
After tying up with banks for providing tax deducted at source (TDS) details through internet banking and payment of tax at ATMs (automated teller machines), the income tax department is planning to take the convergence of banking and tax services to the next level.
The department plans to give taxpayers the facility of applying for tax refunds and tax credits through ATMs.
Taxpayers will also be able to check the status of their refund applications at ATMs. They will also be able to spot mistakes they may have made while filing for refunds/credits.
In future, taxpayers may also be allowed to file returns through the banking channel.
“The revenue department plans to expand collaboration with banks. Taxpayers will be able to apply for refunds and get them through ATMs. They may also be allowed to file returns through ATMs. The idea is in initial stages, but some Nordic countries such as Sweden have already implemented it,” a finance ministry official told Business Standard.
The department expects these measures to increase tax compliance and collections, besides making the interface between the government and taxpayers more efficient and transparent.
For this, the department is ramping up its information technology (IT) infrastructure. The finance ministry has approved the setting up of two special purpose vehicles. One is called the National Information Utilities (NIUs) and will handle IT aspects of the Goods and Services Tax. The second is called the Tax Information Network. While the government will concentrate on policy formulation and enforcement, the NIUs will focus on implementation of IT systems.
The revenue department has already allowed banks to display Form 26AS of taxpayers on their internet banking portals.
Form 26AS is a consolidated statement of a financial year and has details of TDS, tax collected at source and advance tax/self-assessment tax/regular assessment tax deposited in the bank. It also includes refunds received during a financial year. The form is available only from assessment year 2005-06.
The facility of paying income tax through ATMs, launched earlier this year, is being provided by many banks, including Oriental Bank of Commerce, Union Bank of India, Corporation Bank and Axis Bank. Most were already accepting tax payments at their branches and
