Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents. The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparen
In a large number of cases Hon’ble Delhi High Court has summarily dismissed the appeals filed by the department prior to 09/02/11 on the ground that the tax effect involved was less than the revised monetary limits of tax effect involved prescribed
With direct tax collection target of Rs 5.85 lakh crore looking difficult to meet,the Central Board of Direct Taxes (CBDT) on Monday said it will concen
