CBI arrested Income Tax Commissioner and his wife
Oct 26, 2009 Income Tax
CBI on Sunday arrested an Income Tax Commissioner from Nagpur and his wife for allegedly amassing assets disproportionate to their known source of income to the tune of Rs 4 crore. While IT Commissioner Ajay Kumar Singh was arrested from Mumbai airport by CBI sleuths, his wife Mrunalika Singh was His wife Mrinalika was picked up by the agency from their residence at Seminary Hills for abetting corruption. CBI officials had been on the trail of his assets over the last few days, after a tip-off.
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Tags: ajay kumar, bank account details, card numbers, cbi court, cbi officials, Chartered Accountant, crore, illicit money, mumbai airport, nagpur, nationalised bank, public prosecutor, south mumbai, tax commissioner, worth crores
Swiss bank may share detail of tax evaders with India
Sep 5, 2009 Income Tax
India and Switzerland will soon start negotiations to enlarge the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion, visiting Swiss Vice-President and Minister of Economic Affairs Doris Leuthard said on Thursday.
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Tags: bank account details, banking secrecy, doris leuthard, double taxation treaty, indian citizens, Swiss Bank, swiss minister, tax evaders, Tax Evasion, treaties, ubs, world trade organisation
Claim Interest on Income Tax Refund for delay
May 19, 2009 Income Tax
If you’re a salaried individual working in any organisation in India, you know the irritation that overcomes you when a mail arrives asking you to declare you proposed investments for the year. You invariably end up putting down a very arbitrary selection of investments when the last day for submission dawns.
But this thoughtless could eventually lead to a lot of unnecessary anxiety. With your company deducting a lot more tax than they actually need to, you’re most likely to be eligible for a tax refund.
Unfortunately, a tax refund is an extremely tedious process, fraught with delays, particularly if you’re in one of the cities which doesn’t have an electronic clearance system (ECS) or if you don’t know which officials to approach.
DELAYS AREN’T DENIALS
Before getting into the actual process, it is important to know some of the reasons that may have caused the delay.
“If your bank account details or your PAN number is entered incorrectly in the form or you end up filing your tax in the wrong ward/circle, then the chances for delay are high,” says Neeru Ahuja, partner, Deloitte.
Tax authorities have especially been known to cause delays in cases where the amount to be refunded exceeds Rs 5 lakh, citing additional approvals as the reason. According to Sonu Iyer, partner, Ernst & Young, delay could also be caused if litigation is pending against the refund claimed or against any other issues with higher level of authority.
“For instance, if an individual is in appeal with Commissioner of Income Tax (Appeals) against an order passed by the assessing officer (AO) level, in our experience, the refund is generally not issued by the AO even though there is nothing in the law to this effect,” says Iyer.
REMEDIAL ACTION
Moving on to the actual process. In ideal circumstances, you should be able to trace the status of your refund online at the NSDL website using your PAN number and entering the year for which you are to get the refund.
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Tags: acknowledgment, bank account details, department, electronic clearance, investments, money, nsdl, pan number, Refund, RTI, Tax Refund
Now Expect Income Tax Refund in Four Months
May 11, 2009 Income Tax
Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a year to reach the average taxpayer.
“Tax and TDS refunds will now reach the individual and small (corporate) taxpayers in about four months (by August 2009). The refund banker scheme may also be implemented across the country,” a senior Finance Ministry official said.
Taxpayers who have filed their returns for the assessment year 2008-09 should now write to their area Income-Tax Assessment Officers quoting their magnetic ink character recognition (MICR) codes (used in the banking industry to facilitate cheque processing) and vital bank account details.
This will help the department to send refunds quickly in any part of the country, the official added. Officials in the Income-Tax department also added that fast and quick refunds have been made possible this time as the department has finished the process of “data migration” to its central servers from its offices across the country.
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