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The Income Tax Department has saved a potential interest outgo of up to Rs 4,000 crore by an early payout of refunds to taxpayers in April, a top official of the Department said on Wednesday.

 
 
The department's resolution would bring the DDA Housing Scheme 2010 under its scanner. All deals under the scheme would thus be scrutinised by the IT department.
The proposed new biometric Permanent Account Number (PAN) cards would bear the I-T assessee' fingerprints (two from each hand) and the face.
According to the CAG report, 958 lakh PAN cards were issued till the end of March 2010 only 340.9 lakh tax returns were filed during 2009-10.
 
 
CBDT chairman Sudhir Chandra says a notification will be issued in June that will exempt assessees with income up to Rs 5 lakh from filing returns.
What is the time-frame within which the income tax (I-T) department can audit my financials or question me, asks Milind Dovhal from Bengaluru.
The proposed GST will subsume most indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.
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