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 … Read more
Extension of Returns E-Filed with Refund Claims CBDT Extends Time-Limit for Filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 Till 31.03.2014 for Returns E-Filed with Refund Claims The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns … Read more
Government’s Clarification on the Reports that Finance Ministry Pays intterest on Excess Tax Refund This is with reference to the news report appearing in certain section of media that the Finance Ministry pays Rs.37, 365 cr. in interest on excess tax refund and similar reports. The emphasis of these reports is that huge interest was … Read more