The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore in more than 32.07 lakh cases so far, including Rs 79,517 crore of corporate tax refunds.
Till June this year, the EC used to ask complainants to approach courts directly on issues of alleged false affidavits.
'The survey action u/s 133A of the Act being an intrusive action, it is expected that the same should be carried out with utmost responsibility and accountability,' the CBDT said.
The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds.
As per the Ministry of Finance, a leading newspaper published a news item which stated that the Government is considering such a proposal.
The move is likely to help companies like Yes Bank, IL&FS or those who are undergoing insolvency proceedings.
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
The CBDT issued a notification on June 24, 2020 to provide further relief to taxpayers by extending various time limits of compliances, a statement said.
The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
Companies opting for these new tax rates will have to forego all exemptions and incentives.
In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25 per cent of the disputed amount till March 31, and subsequently, it will be 30 per cent.