Corporate Updates – 09-12-2015


CBDT has issued instructions for Expediting issue of refunds below fifty thousand for A. Y. 2013-14 and A.Y. 2014-15. The status of outstanding refunds was reviewed recently by the department and has issued directions to its field formations to expedite the issue of pending refunds below Rs. 50,000/ for assessment years 2013-14 and 2014-15 in all such cases which have not been selected for scrutiny. The field formations and the Central Processing Centre at Bengaluru have been directed to complete the process as early as possible. This initiative is expected to significantly reduce taxpayer grievances and enhance the taxpayer satisfaction.


The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme is effective from April 1, 2015. For the period April 1, 2015 to November 30, 2015, banks shall identify the eligible exporters as per the Government of India scheme and credit their accounts with the eligible amount of interest equalisation. From the month of December 2015 onwards, banks shall reduce the interest rate charged to the eligible exporters as per our extant guidelines on interest rates on advances by the rate of interest equalisation provided by Government of India. All eligible exporters who have availed pre and post shipment credit facility from 01-04-2015 may contact their respective Banks to enable expeditious decision on availing benefit under the scheme.

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