Proposed Amendments To Income-Tax Rules,1962

Proposed Amendments To Income-Tax Rules,1962

Agustus 22, 2018   Comment  

Ministry of Finance

Government invites comments of Stakeholders as well as General Public on Proposed Amendments to Income-tax Rules,1962 yesteryear fourth September, 2018 

Posted On: xx AUG 2018 1:11PM yesteryear PIB Delhi

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate nether Section 197 and/or nether Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of revenue enhancement or deduction/collection of revenue enhancement at lower rate.

In social club to rationalise as well as brand the procedure of issuance of certificate for no deduction of revenue enhancement or deduction/collection of revenue enhancement at lower charge per unit of measurement electronic, the existing Form No.13 as well as relevant I.T. Rules are required to survive amended. This is vital for minimising the human interface as well as reducing the compliance burden on the applicant.

In persuasion of the above, a Draft Notification proposing amendments inward Form No. 13, as well as Rules 28, 28AA, 28AB, 37G as well as 37H of the information technology Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders as well as full general public.

Comments as well as suggestions on the Draft Notification may survive sent yesteryear fourth September, 2018 electronically at the e-mail address ts.mapwal@nic.in.

Income Revenue Enhancement Refunds – Parliament Q&A

Income Revenue Enhancement Refunds – Parliament Q&A

Agustus 16, 2018   Comment  

LOK SABHA UNSTARRED QUESTION NO: 1751 

ANSWERED ON: 27.07.2018

PRASUN BANERJEE 

(a). the average fourth dimension taken for Income Tax refunds; and

(b). the details of all pending information technology refunds since 2014 together with the number of people awaiting information technology refunds every mo on date?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE 

(SHRI SHIV PRATAP SHUKLA)

(a). In the electrical flow fiscal year, the Centralized Processing Center (CPC) of the Income Tax Department, Bengaluru has taken on an average 43 days to procedure the income-tax returns of Assessment Year 2018-19. Separate information of average fourth dimension taken inwards honor of returns involving claim of refund is non available. However, 83% refunds inwards the electrical flow fiscal twelvemonth were issued past times CPC inside threescore days of filing of return.

(b). Out of all eligible refund claims filed inwards FY 2017-18, CPC has already processed 1.93 Cr cases. Out of the full eligible refund claims pending every mo on 01.04.2018, alone 1.86 Lakh are pending to move issued past times CPC every mo on 24.07.2018. Processing for eligible refund claims filed inwards the electrical flow fiscal twelvemonth has already been completed inwards 17.92 lakh cases together with processing inwards 19.61 lakh cases is nether progress. Eligible refund cases are those cases where the supply of income is costless from whatsoever defect, the reply of taxpayer to whatsoever let on for adjustment of income or outstanding arrears is non pending together with the illustration is non covered nether scrutiny.

Authority: https://loksabha.nic.in/